Bank of Baroda to set up medium-sized branches to exploit opportunities

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Bank of Baroda (BoB) plans to set up medium-sized branches across the country for rapid processing of business proposals and tap into the opportunities available in this segment.

“Initiatives such as the Corporate Sales War Room and the Fee Booster campaign have simplified and accelerated processes within the Corporate Banking vertical, contributing significantly to the 15% YoY growth (YoY ) of overall fee income this year (FY22).

“Next, the spotlight will be on the growing mid-sized business segment, where the Bank plans to strengthen its operating model, branch network and credit decision-making process,” the public sector bank said in its statement. Annual Report.

BoB will also cross-sell term loan facilities to existing working capital customers.

The Bank began to appeal to customers who were only using term loan facilities to open cash (CC)/on-project (OD) credit accounts through its contact center executives dedicated outgoing.

“We have cross-sold working capital facilities to 307 existing term loan customers for an amount of Rs 162.17 crore,” the report said.

The Bank has established the Center for Agricultural Marketing and Transformation (CAMP), a centralized agricultural loan processing center focused on non-traditional and high-value agricultural advances.

In the first five months since its inception, CAMP provided loans to 10,216 farmers amounting to ₹952.85 crore, according to the report.

Sanjiv Chadha, MD and CEO, BoB, said the Bank is expanding end-to-end digital journeys to pre-approved two-wheeler loans, auto loans, education loans, home loans for pre- approved and complementary loans for home loan customers.

Chadha observed that BoB is working on a digital STP (straight through processing) journey for Kisan credit card customers in some states with progressive digitization of farmland records.

The journey involves integration with Agritechs to retrieve land records and perform risk analysis of agricultural data, he added.

The BoB chief said the bank has created a corporate ethics function to develop a strong ethical culture to build trust with employees, customers and other stakeholders.

“The Bank’s commitment is to place ethics at the center of all its practices across the entire value chain and in all its relationships with stakeholders, including employees, customers, suppliers, regulators, etc., and to actively contribute to social and economic development. communities as a whole,” he said in the Bank’s annual report.

Published on

June 05, 2022

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