Bank of India to open corporate branches in certain potential states, including Orissa

Bhubaneswar: Bank of India (BOI) is contemplating to open specialized corporate branches to meet to the “specific requirements” of its corporate clients. It has already applied to the Reserve Bank of India for license for the purpose.

“We have applied to the RBI for the license. As soon as we receive it, we would immediately open specialized corporate braches across the country,” BOI Chairman and Managing Director, Mr Alok Mishra, told the media persons  after the board meeting. Mr Mishra informed that the selected persons – who would handle the branches – were undergoing training. In the first phase, at least 15 such banks would be opened in certain “potential” states, including Orissa. The Chief Minister said at least 100 specialized branches of the bank were already catering to the needs of small and medium scale enterprises (SEMs).

Stating that the BOI’s global business is presently Rs 369, 000 crore consisting  deposits of Rs 211,000 crore and advances of Rs 158,000 crore, Mr Mishra said the operating profit of the bank stood at Rs 3429 crore for nine months period ended December 31 while net profit was Rs 1313 crore.