For PNB, deposits in Himachal grew by 39% in 2010-11

Shimla: Deposits with Punjab National Bank (PNB) grew at a healthy 39 percent in Himachal Pradesh business circle and advances were at 24 percent on year on year basis on March, 2011, KR Kamath, CMD of the bank stated here on Monday.

Talking to the media, he said that upto March, 2011 PNB did a total business of Rs 12,400 crore, which was a healthy 35 % growth over the previous year.

He said deposits in March stood at Rs 9400 crore (39% growth over the previous year) and advances were at Rs 3000 crore (24% year on year growth).

About the low CD ration of 1:3 he said that many large cooperate houses who were executing large hydropower projects in Himachal Pradesh were taking loans at the corporate headquarter level but the investment was being done in the state.

“Under Thorat committee recommendations, if you account the loans raised by corporate outside Himachal but invested here the total advances would be around Rs 6000 crore, said Kamath.

The CMD disclosed that PNB had more than 23% market share of the state banking system and it was operating 259 branches which had been integrated with core banking solution (CBS).

The bank intends to start mobile ATM soon as it would help to expand coverage of the ‘any where any time’ banking service base for which 156 fixed ATMs are already dispensing the service in Himachal, he said.

Under PNB Vikas initiative the bank has adopted 7 villages for implementing welfare schemes in the state. In the country the bank has adopted 117 villages, he added.

In the country the bank total business in 2010-11 touched Rs 555,005 crore of which Rs 312,899 crore were deposits and Rs 249,333 were advances.

The bank reported a profit of Rs 4433 in 2010-11, a 13.5 % growth over the Rs 3905 crore profit in 2009-2010.

As Editor, Ravinder Makhaik leads a team of media professionals at Hill Post. Spanning a career of over two decades in mass communication, as a Documentary Filmmaker, TV journalist, Print Media journalist and with Online & Social Media, he brings with him a vast experience. He lives in Shimla.

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