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Corporation Bank to shed bulk deposits

Posted on Oct 26, 06:00PM | UNI

Corporation Bank is making all efforts to reduce its bulk deposits and CDs of over Rs one crore to 15 per cent from the current level of 28 per cent of the total deposits.

Bank Executive Director Ashwini Kumar told newsmen here that the bank had bulk deposits of Rs 22,400 crore and CDs worth Rs 13,959 crore as on September 30. During the current month the Bank had already shed around Rs 5,000 cr worth of bulk deposits.

He said the Bank was expecting year on year growth of 19 per cent in both credit and deposit business.

Mr Kumar was here in connection with the launch of the Bank's SME Grand Festival loan Bonanza under which the bank planned to offer credit to the tune of Rs 5,338 crore to the SME sector.

During the current fiscal the bank had already offered credit to the tune of Rs 2,000 crore to the SME sector and the total loan book was expected to reach around Rs 20,000 crore this fiscal, he added.

Mr Kumar said the Bank had come out with attractive schemes to offer credit to the SME sector. It had also lowered the interest rate by half a per cent during the festival season which would be on upto January 31 next year. Women Entrepreneurs would get another 0.25 per cent concession.