SME Times News Bureau | 04 Jul, 2012
Bank of India Friday said that it would shift its focus from large and mid-corporates to retail as well as small and medium enterprises (SME) sector.
"At present, we have 16 percent business from mid-corporates and 48 percent from large corporates. We want to consciously reduce it. We feel that together it should be 50 percent. We want to achieve this over a period," Bank of India (BoI) Executive Director M S Raghavan is quoted by a news agency report.
He added the bank has realised that it is losing important segments such as retail and SME which are considered drivers of future growth.
Presently, the large and mid-corporate business constitutes 64 percent of the bank's overall portfolio and the same will be reduced to 50 percent over a period, he said.
Raghavan said the mood is sluggish and demand for credit growth is yet to pick up. "Credit offtake is very sluggish. If credit offtake picks up there will be strain in liquidity," he said replying to a query.
Bank of India aims at 18-20 percent growth in credit offtake in this current financial year, he said.
He also said the bank plans to open 250 branches and 2,000 ATMs this year.
