Indian Overseas Bank, which has in the recent past been the butt of criticism for its high level of bad loans, expects to tackle the problem on a war-footing.
The new Chairman and Managing Director, Mr M. Narendra said at a familiarisation meeting with journalists that the bank expects to recover Rs 1,300 crore from shaky loans in the current year.
New team
The bank had bad loans of Rs 2,685 crore on its books as on September 30, which, while being lower than Rs 3,611 crore a year ago, was still quite high.
The bank has a new team. The longest-serving Executive Directors of IOB, Ms Nupur Mitra, is only eight months into the bank.
The other ED joined it recently. The officials exuded confidence that recoveries would happen.
A senior official of the bank said today that only 377 accounts contributed to 78 per cent of the NPAs.
Overseas operations
IOB intends to upgrade the representative office in China to a full-fledged branch, the capital call for which will be $25 million.
It also intends to upgrade its representative office at Dubai into a full branch.
IOB has overseas branches also in Sri Lanka, Singapore, Korea and Hong Kong.
The new CMD also announced that the bank had applied to the RBI for licences to open 104 branches in tier-I and II cities.
It also expects to open 34 branches in towns with a population of 50,000.
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