IDBI Bank opens dedicated Loan Centre

Hyderabad:
07 February 2004

Hyderabad: IDBI Bank has opened its first dedicated Loan Centre at Hyderabad. IDBI Bank's retail lending, led by home loan, stands at close to Rs 3,000 crore today. On the Home loan account alone, the Bank disburses about Rs 200 crore a month on an average across India, while Hyderabad contributes about Rs.20 crore a month.

Inaugurating the Hyderabad Loan Centre, IDBI Bank Managing Director Mr G V Nageswara Rao said: "This marks the renewal of the Bank's commitment to serve home seekers in particular with better efficiency and minimal response time."

"The Twin cities, emerging as the new economic hub, provide an excellent market for the Bank and it is only natural that we have decided to strengthen our foundation in this area," Rao said. Apart from serving the rapidly growing twin cities, IDBI Bank's Loan Centre will also cater to the needs of other cities like Visakhapatnam and Vijayawada.

IDBI Bank registered a massive 222 per cent growth in its home loan segment with outstanding portfolio of Rs 2,609 crore at the end of December 2003 as against Rs 808 crore in December 2002.

With a growing customer base of 875,000, the Bank runs 296 ATMs and 99 branches in 69 cities across the country.

With an infusion of fresh capital to the tune of Rs 154 crore through a right issue recently, the Bank is armed with increased resources to continue its aggressive business plans. Moreover, its Board of Directors has also given clearance to raise a further Rs 100 crore by way of subordinated debt in one or more tranches.