abhishreshthaa
Abhijeet S
DEPOSIT MOBILISATION :
The total deposits of the bank increased from Rs.17019.81 Crore as on 31.3.2003 to Rs.21015.05 crore as on 31.3.2004 recording an annual growth rate of 23.47%. The fortnightly average aggregate deposits increased from Rs.14854 Crore in 2002-03 to Rs.18149 Crore in 2003-04. The focused objectives of the Bank on the deposit front during 2003-04 was to increase the low cost deposits and bring down the average cost of deposits.
A special campaign for canvassing savings bank deposits was launched fro a period of 21 weeks from 29.7.2003 to 27.9.2003 and again from 8.12.2003 to 29.2.2004, which drew enthusiastic participation from staff members and 2.24 lakh new SB accounts were opened aggregating Rs.338.94 crore.
As a result the Savings Bank deposits of the bank recorded a healthy 26.7% increase during the year. Further, a special campaign for canvassing Current Deposits was also launched for a period of 6 weeks from 10.11.2003 to 26.12.2003 and 8205 new Current Deposit Accounts were opened aggregating Rs.39.77 crores.
Due to these efforts, the Banks has succeeded in reducing the average cost of deposits from 6.58% in 2002-03 to 5.74% in 2003-04.
The total deposits of the bank increased from Rs.17019.81 Crore as on 31.3.2003 to Rs.21015.05 crore as on 31.3.2004 recording an annual growth rate of 23.47%. The fortnightly average aggregate deposits increased from Rs.14854 Crore in 2002-03 to Rs.18149 Crore in 2003-04. The focused objectives of the Bank on the deposit front during 2003-04 was to increase the low cost deposits and bring down the average cost of deposits.
A special campaign for canvassing savings bank deposits was launched fro a period of 21 weeks from 29.7.2003 to 27.9.2003 and again from 8.12.2003 to 29.2.2004, which drew enthusiastic participation from staff members and 2.24 lakh new SB accounts were opened aggregating Rs.338.94 crore.
As a result the Savings Bank deposits of the bank recorded a healthy 26.7% increase during the year. Further, a special campaign for canvassing Current Deposits was also launched for a period of 6 weeks from 10.11.2003 to 26.12.2003 and 8205 new Current Deposit Accounts were opened aggregating Rs.39.77 crores.
Due to these efforts, the Banks has succeeded in reducing the average cost of deposits from 6.58% in 2002-03 to 5.74% in 2003-04.