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Dena Bank has discovered untapped potential in the rural and semi-urban economy of the eastern and North-Eastern region.

Chairman Ashwani Kumar told reporters here on Monday that in view of relatively higher growth opportunities, particularly in deposit collection in current and savings accounts, Dena Bank has set a target of opening 13 new branches in the region this financial year. Till last year, East and North-East contributed to two per cent of bank’s business portfolio.

Un-banked pockets

Of these proposed branches, five would be in West Bengal, while the North-East would get three. “Nationally, West Bengal, Haryana and Punjab would be accorded additional focus”, he added. The bank intends to utilise the farm and SME economy for growth.

In West Bengal, Kumar said, there existed “un-banked” pockets, even close to the city.

“To our surprise, we identified such an un-banked area just 30 km southeast of Kolkata and set up a usual and core banking branch there late last month. In ten working days of opening, deposits swelled to Rs 4.71 crore. From a commercial perspective, this reconfirmed our bank’s view on the State and the region’s potential in rural and SME economy,” he observed.

According to the bank, this branch now covers a 134 sq km area of three panchayats in Sonarpur assembly constituency with 1.68 lakh inhabitants, largely lower in the social ladder and mostly engaged in agriculture or horticulture.

The bank has identified another such un-banked pocket in East Medinipur district. Majority of the planned branches in the State are in the interiors.

Currently, the bank has 37 branches in West Bengal and 9 in the North-East. For better administrative benefits, it has planned to curve out a new zone, comprising Bihar and Jharkhand, to be headquartered at Patna.

jayanta.mallick@thehindu.co.in

Source: thehindubusinessline