Corporation Bank on Monday said its credit growth is expected to more than double to 12% in the current fiscal.
"With greater focus on retail, SME and priority sector lending especially agriculture, we expect the credit growth to pick up to 12% in the current fiscal," Corporation Bank Chairman and Managing Director S R Bansal told PTI.
The bank recorded a loan growth of 5.8% during the fiscal ended March 2015 as it carried a re-balancing exercises during the year, he said.
The bank's credit portfolio rose to Rs 1,45,066 crore as compared to Rs 1,37,086 crore at the end of March 2014. At the same time, the deposits of the bank crossed a level of Rs 1.99 lakh crore.
Talking about the Pradhan Mantri Jan Dhan Yojana, he said, it has turned "profitable" for the bank.
"The bank has earned income of Rs 14.77 crore and expenditure of Rs 12.70 crore. So we are having profit of Rs 2.70 crore profit. It is profitable for us," he said.
Under this scheme, the state-owned bank has opened 23.45 lakh basic accounts with an outstanding balance of Rs 571.23 crore as on July 12.
The average balance in the non-zero balance accounts is Rs 3,342 per account as against the national average of Rs 2,435.
He further said the number of zero balance accounts stood at 27.15 per cent as against the national average of 52%.
The bank has issued Rupay Debit Cards to 98.46% of the accounts and passbook has been issued to 89.76% of the accounts opened under the scheme. Besides, 59.74% accounts have been seeded with Aadhaar.
