Oriental Bank to add 225 branches this fiscal

Oriental Bank of Commerce plans to add 225 branches this fiscal.

“We plan to open 225 branches this year, of which, 175 would be in rural, semi-urban, and urban locations. About 50 branches have been earmarked for the financial inclusion villages, which would be opened if there is sufficient business volume,” Mr V. Kannan, Executive Director, Oriental Bank of Commerce, told Business Line.

The bank was allotted 569 villages with a population of over 2,000 under the financial inclusion programme. Last year, the bank opened 147 branches. About 1,800 employees will be recruited this year, said Mr Kannan. Despite recruitment of 2,675 employees last year, there was a net addition of 1,600 only due to retirement and attrition issues, he added.

For the next few years, the bank would see retirement of about 400 employees every year, he said. The average age of employees in the bank is about 47 years, thanks to the new addition and also the merger of Global Trust Bank, which happened a few years ago.

The bank aims at a business growth of 17 per cent during the current fiscal, and is adequately capitalised to meet the credit growth, said Mr Kannan.

anju@thehindu.co.in