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CHENNAI, March 26

CREDIT off-take is still mild except for a few companies in industries such as pharmaceuticals, automobiles and oil, according to Mr Cherian Varghese, Chairman and Managing Director of the bank. He expected interest rates to stay in the current range with a slight downward basis of around 25 basis points.

Mr Varghese was here for the launch of the bank's new branch at the LIC building on Anna Salai.. The bank opened 33 outlets today in LIC premises spread over various States. It would have around 100 outlets in various LIC premises by June this year, he said.

Corporation Bank, which began the year with 125 ATMs would touch 500 ATMs by the end of the month, he said. The bank was sharing its ATM infrastructure with five other banks — Oriental Bank of Commerce, Allahabad Bank, Dena Bank, Karnataka Bank and Bank of Rajasthan.

Mr Varghese declined to spell out the quantum of business generated from LIC through the strategic alliance. (LIC has a 27 per cent stake in Corporation Bank). It was mutually beneficial, was all that he was willing to say. The bank's deposits had crossed Rs 20,000 crore and advances had crossed Rs 10,500 crore, he said. Mr Varghese said that the housing loan portfolio had more than doubled to Rs 1,400 crore currently and retail lending constituted 21 per cent of the overall advances portfolio.

Mr Varghese said that the bank had sent 150 notices amounting to Rs 90 crore to defaulters under the Securitisation Act. Claiming that the Act had a salutary impact on borrowers, he said it showed that the banks could not only bark but also bite.

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