Indian Bank targets ₹35 lakh crore business by 2032 after crossing ₹15 lakh crore milestone: MD & CEO
New Delhi, August 5
Indian Bank has set a target of achieving ₹35 lakh crore in total business by 2032 after crossing the ₹15 lakh crore milestone in June this year, Managing Director and CEO Binod Kumar said on Wednesday.
"On 125th year, that means 2032, we have set a target of 35 lakh crore business. In June we are at 15 lakh crore. That means we have to become 2.3 times what we are. We will become a 35 lakh crore bank by 2032 and, with the support the bank is getting from the customers and the hard work of our employees, I am very confident that we will not only achieve, we will surpass that number also," Kumar said.
"In the last 15 months, the bank has added more than ₹7 lakh crore of business. That means we have created a small bank in itself within a span of 15 months," he added.
Kumar said that Indian Bank has a unique legacy and has remained continuously profitable since 2002, making it one of the few public sector banks to maintain an uninterrupted profit record for over two decades. He said the bank has emerged as the seventh-largest bank in the country and aspires to become a global bank, adding that strengthening its presence in key financial centres such as Delhi and Mumbai is central to that vision.
The MD and CEO said Indian Bank has more than 6,000 branches, around 29,000 touchpoints and over 70,000 Business Correspondents (BCs) across the country. He said the lender has consistently been among the frontrunners in implementing flagship government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana and Stand-Up India.
Emphasising the importance of MSMEs, Kumar said the sector contributes around 30 per cent of India's GDP and will play a crucial role in achieving the goal of making India a developed nation by 2047. He said the formalisation of MSMEs has accelerated in recent years, but significant untapped potential remains as many enterprises continue to depend on informal credit.
He said Indian Bank's MSME loan portfolio is currently growing at around 17-18 per cent, compared with around 6-7 per cent earlier, while corporate lending growth has increased to 14-15 per cent from 2-3 per cent, reflecting the bank's support for industry and infrastructure development.
Kumar also highlighted the bank's digital transformation initiatives, including the MSME Unified Portal, which recommends suitable loan products based on customer profiles and aims to reduce paperwork and speed up sanctions. He said the bank is working towards a system where most customer information is captured digitally, requiring only minimal additional documentation.
He also highlighted the GST Advantage product, which enables eligible GST-registered businesses with a three-year compliance history to obtain quicker sanctions through digital documentation. He said similar digital processes are being introduced for housing loans to simplify customer journeys.
The MD and CEO said Indian Bank is also promoting entrepreneurship through training programmes that help individuals establish businesses and generate employment. Citing examples, he said beneficiaries have successfully expanded from small enterprises into businesses with substantial turnover after receiving financial assistance and training from the bank.
Kumar also cautioned customers against rising cyber frauds, urging them never to share OTPs or click on unknown links. He said cyber security is a shared responsibility of banks and customers, with Indian Bank conducting awareness campaigns through customer meetings, village outreach programmes and social media.
He also reiterated the bank's commitment to corporate social responsibility initiatives and appealed to customers to continue supporting Indian Bank and bring more customers to the lender as it works towards achieving its ₹35 lakh crore business target by 2032.
— ANI
Reader Comments
The MSME focus is exactly what India needs right now. With 30% GDP contribution, our small businesses are the real engine of growth. I run a small export business in Chennai, and the MSME Unified Portal they're talking about sounds very useful. Anything that reduces paperwork and speeds up loan sanctions is welcome. But they should also ensure the interest rates are competitive, na?
Very ambitious target indeed! 2.3 times growth in 7 years is no joke. But I have one concern - what about the rural customers? With 6,000+ branches and 70,000 BCs, they clearly have reach, but we need to ensure that digital transformation doesn't leave behind our farmers and elderly customers who still prefer in-person banking. Hope they balance technology with human touch.🤔
Impressive performance from Indian Bank. It's rare to see a public sector bank maintain such consistent profitability. Their focus on MSME lending with 17-18% growth shows they understand where India's growth potential lies. The digital initiatives like the MSME Unified Portal are steps in the right direction. However, I'd like to see more transparency on Non-Performing Assets (NPAs) compared to their private sector peers.
Good to see our PSBs stepping up! But sir, cyber fraud awareness is the need of the hour. Just last week, one of my relatives in Coimbatore lost ₹50,000 to a phishing scam. The bank's caution about OTPs and unknown links is important, but they should also install stronger security features in their mobile banking app - maybe biometric confirmations for large transactions? Customer awareness plus better technology will help us fight these fraudsters.
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