These branches are setting the stage for IDBI Bank’s next phase of growth in the state. With the opening of the 2 new branches, IDBI Bank will augment its presence in Goa with a total strength of 8 branches.
The new branches are in tune with the bank’s strategy to strengthen its home loan and MSME loan portfolio in the state. IDBI Bank has registered impressive growth in the region with a 22% growth in CASA. The total deposits in the state grew by 16% in the previous financial year. The structured retail assets, which includes home loans as the largest component saw a massive increase of 66%. The bank has also been extending support to the medium and small enterprises in the region and the lending to this segment increased by 48%.
Rego said the focus on the medium and small enterprises was keeping in line with the focus on the investment policy unveiled by the state government. The state’s economy is also driven by the sectors like tourism. The state government is working on the new tourism policy with a vision of overall tourism development and to engage with private players to invest and develop infrastructure in the state.
Rego said, “IDBI Bank understands customers needs and is proud to be serving its retail customers with need based products. The growth of our network in Goa reiterates our commitment towards extensive consumer banking focus and reinforces our efforts to provide superior banking services, marked by convenience and closeness to our customers. We see a huge potential in the state and want to be a partner in Goa’s growth story. With the 2 new branches, we will be able to offer customers our full range of products, maintaing the quality of our service offering.” The bank intends to unveil new concepts like a e-hut and a e –lobby which will be in sync with the bank’s policy to utilize IT to push forward its growth strategy. The bank which presently has 1740 branches around the country intends to have 2000 by the year end.
