Bhubaneswar: Indian Overseas Bank hopes to achieve 23 per cent growth of its Orissa business.   

The bank's total business in the state was Rs.2900 crore last fiscal which is targeted to grow to Rs. 3600 crore by the end of 2007-08.   

While deposits are expected to grow by 25 percent the credit growth is expected to be about 21 percent, S A Bhat , Chairman and Managing Director (CMD) of Indian Overseas Bank said.   

Talking to the media after meeting the chief minister Naveen Patnaik in the state secretariat on Friday, he said more than 20 per cent of the bank's branches are in the economically backward KBK (Kalahandi, Bolangir and Koraput ) districts.   

Of the total 81 branches in the state, 18 branches are located in the KBK districts.  While the credit-deposit ratio of the bank was 53.55 percent last fiscal, it is expected to go up to 60 percent during the current fiscal.   

However, if the bank's lending to industries doing business in Orissa is taken into account, C-D ratio will be close to 70 percent, he claimed.   

Stating that the bank will continue with its policy of branch expansion, Bhat said that the bank intended on opening two more branches in Orissa during the current fiscal. While the license for opening one branch at Musadiha (Paradeep) has been obtained, license for one more branch at Bolangir is awaited.   

Along with branch expansion, IOB also plans to expand its ATM network. The bank is having 7 ATMs in the state, which is proposed to go up to 13. While 3 more ATMs will be opened in Bhubaneswar 3 are proposed for Berhampur.   

The bank has been active in the financing of self help group (SHGs) and has assisted 3 lakh women under mission shakti involving 30,000 SHGs in Orissa.   
That apart, the bank has also assisted 1.5 lakh women through 14,716 SHGs sponsored by the Regional Rural Banks (RRBs).  The recovery rate in SHG loans has been more than 95 per cent.