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Indian Bank has applied to the Reserve Bank of India to open three more branches in Sri Lanka. The bank plans to open a branch each in Batticaloa, Trincomalee and Hambantota, it's Chairman and Managing Director, Mr T. M. Bhasin, said.
The Central Bank of Sri Lanka has already given the green signal for these branches, he said after inaugurating a specialised SME branch here on Monday. This is the first SME branch opened by Indian Bank in the Capital.
Indian Bank had opened its second branch in Sri Lanka in Jaffna in January last year. The other branch is in Colombo.
Mr Bhasin said that the Jaffna branch has achieved break-even in eleven months of operations. Also, the branch has achieved 200 per cent credit-deposit ratio. The bank has started the self-help group movement in Jaffna also, he added.
He also said that the bank was awaiting regulatory nod for opening a full-fledged branch in Hong Kong and also a representative office in Jakarta.
SME business
Indian Bank has an SME (small and medium enterprise) business of Rs 8,000 crore, which is projected to grow to Rs 9,000 crore by end-March 2012. The bank may achieve a SME business of Rs 12,000 crore in 2012-13, Mr Bhasin said.
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