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Emerging private sector scheduled commercial bank Ratnakar Bank on Friday entered Andhra Pradesh, as part of is plans to develop a pan-India network by next fiscal.
Established in Kolhapur, Maharashtra in 1943, the bank intends to expand its network of branches from the current 123 to about 175 by the end of next fiscal. “We actually started expanding our operations on this scale from 2010. Now that we have our core banking in place, we plan to open about 40-45 branches a year,” Vishwavir Ahuja, managing director and CEO, told news persons here.
The bank has raised about Rs 1,150 crore capital in two rounds in the last two years. “We will be raising more as and when we feel the need. As of now we are capitally secured,” he said. In the last two years the bank took on board about 1,000 personnel and it intends to continue hiring about 500 people every year, as it expands its operations.
The bank is currently focussing on small and marginal farmers across rural India through partnership with local organisations such as NGOs. Focus is also on small business houses and emerging entrepreneurs, who account for 50 per cent of its business.
“We expect to touch a business of Rs 13,000 crore by this fiscal end, which includes both deposits and advances. We have set a growth target of 35-45 per cent,” Ahuja said.
The bank recently received approval to increase its foreign holding share from the current 43 per cent to 55 per cent. Last year, it partnered with Infosys to upgrade its core banking system to the latest version of Finacle and tied up with HDFC for home loan business.
On its exposure to cash-strapped Deccan Chronicle Holdings, Ahuja said: “the exposure is small and we have recovered a part of it.”
amitmitra@thehindu.co.in
Source: thehindubusinessline
Established in Kolhapur, Maharashtra in 1943, the bank intends to expand its network of branches from the current 123 to about 175 by the end of next fiscal. “We actually started expanding our operations on this scale from 2010. Now that we have our core banking in place, we plan to open about 40-45 branches a year,” Vishwavir Ahuja, managing director and CEO, told news persons here.
The bank has raised about Rs 1,150 crore capital in two rounds in the last two years. “We will be raising more as and when we feel the need. As of now we are capitally secured,” he said. In the last two years the bank took on board about 1,000 personnel and it intends to continue hiring about 500 people every year, as it expands its operations.
The bank is currently focussing on small and marginal farmers across rural India through partnership with local organisations such as NGOs. Focus is also on small business houses and emerging entrepreneurs, who account for 50 per cent of its business.
“We expect to touch a business of Rs 13,000 crore by this fiscal end, which includes both deposits and advances. We have set a growth target of 35-45 per cent,” Ahuja said.
The bank recently received approval to increase its foreign holding share from the current 43 per cent to 55 per cent. Last year, it partnered with Infosys to upgrade its core banking system to the latest version of Finacle and tied up with HDFC for home loan business.
On its exposure to cash-strapped Deccan Chronicle Holdings, Ahuja said: “the exposure is small and we have recovered a part of it.”
amitmitra@thehindu.co.in
Source: thehindubusinessline
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