The Hindu Business Line : Corpn Bank looks to Rs 40,000-cr turnover

Corporation Bank, which held a business plan conference at its corporate office here which was attended by all the zonal heads and top management team of the bank, also reviewed the performance for 2002-03 during which the bank crossed Rs 33,000 crore in total business with deposits at Rs 21,500 crore and advances of more than Rs 12,000 crore.

During the year `demand deposit' grew by 25 per cent and the share of demand deposits to total deposits rose to 28.3 per cent.

During 2003-04, the bank has decided to focus on increasing demand deposits and has projected a growth rate of 30 per cent. It has also decided to take many IT initiatives including implementation of core banking solutions and installation of 500 more automated teller machines (ATMs) to take the total number of ATMs in the bank's online interconnected network to 1,000 by September.

As of now, 93 per cent of the bank's total business is handled by computerised branches and 500 online interconnected ATMs have been operationalised from Jammu to Thiruvananthapuram and Kutch to Kolkata, making it the bank with the second largest ATM network in the public sector. The bank has also entered into tie-up arrangements with Oriental Bank of Commerce, Dena Bank, Allahabad Bank, Karnataka Bank and Bank of Rajasthan to share their ATM networks.

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