Vijaya Bank focuses on low-cost deposit base

Vijaya Bank will focus more on increasing its low-cost deposit base as it aims a 20 percent growth in overall business.

"We aim an overall business growth of around 20 per cent in the current financial year, which should reach around Rs 1,65,000 crore," said executive director Subhalakshmi Panse.

In the past fiscal, total business stood at Rs 1,41,727 crore, which comprised Rs 83,056 crore deposits and Rs 58,671 crore advances.

"On the advances and deposit fronts, we hope to post 18-20 per cent growth this fiscal," she said adding that advances should reach Rs 68,000-70,000 crore and deposits around Rs 92,000 crore.

The Reserve Bank has set a deposit growth target of 16 per cent and 17 per cent for advances in the current financial year.

Panse noted that the current account, savings account deposit base will get the highest priority during this fiscal.

"We hope to grow our low-cost deposit base in order to protect our margin with lesser dependence on bulk deposits," she said.

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