SBI opens credit centre in Hyderabad

India's largest lender, State Bank of India (SBI), opened a small and medium city credit centre at Kukatpally in Hyderabad today.

Addressing media persons after inauguration of the center, SBI managing director Krishna Kumar said the objective of the centre was to take processing centres closer to customers.

SBI was targeting a growth of 25 per cent in deposits and 22 per cent in advances in the current fiscal, according to a PTI report.

Kumar, said mid corporate and retail sectors, which had not fared well in the last fiscal, were expected to contribute to the growth in advances, the report said.

''The preliminary figures (of SBI) indicated that as of 12 March, we have roughly grown about 18 per cent in deposits and 15-16 per cent in credit. In the current year 2012-13, we are targeting a growth of 25 per cent in deposits and 20 to 22 per cent growth in credit,'' Krishna Kumar said.

''We have more than 14,000 branches right now and we expect to open may be another 1,000 branches in the current year,'' Kumar said.