Indian Bank gets RBI nod for branch in Jaffna

New Delhi, Oct 18 (PTI) Indian Bank owned by Government
of India Monday said it has got approval from the Reserve Bank
India to open a branch in Jaffna, Sri Lanka, and expects the
branch to be functional by the end of December.
"We have just got licence from RBI for opening a branch
in Jaffna and we are in process of seeking approval from the
Sri Lankan authorities for the same," Indian Bank Chairman and
Managing Director T M Bhasin said after inaugurating its
1,800th branch Noida in the north Indian State of Uttar
Pradesh.
Currently, it has a branch in Colombo. Besides, it also
has a branch in Singapore.
The Sri Lankan authorities has assured the bank that
clearances would be expedited, he said, adding, "we hope make
the Jaffna branch operational by the end of December this year
or early January."
The Chennai-based bank has started scouting for
suitable space in the city.
The bank is also exploring possibility of opening a
branch at Kandy, he said.
Talking about its domestic foot-print, Bhasin said that
the bank plans to open another 100 branches in the next 5
months across the country.
By the end of March 2011, the total branch network of the
bank would go up to Rs 1,900 from the current level of 1,800,
he said.
For the first quarter ended June, 2010, Indian Bank
recorded an 11 per cent increase in net profit at Rs 368.15
crore. It had a net profit of Rs 331.66 crore during the
corresponding quarter of the last fiscal.
The bank also reported an 11.07 per cent increase in
its total income in the first quarter at Rs 2,477.25 crore
compared to Rs 2,230.39 crore.