City Union Bank, the Tamil Nadu based bank has plans to achieve 30 % growth in both credit and deposit, said a top official of the bank.

The bank has a target of generating business amounting to Rs. 23,000 crore in this financial year.

"We are expecting 30 per cent growth in deposit and credit in this fiscal," S. Balasubramanian, managing director and chief executive officer of the bank said.

The financial year last ended saw the bank registering 26% growth in deposit and 22% rise in the loan book.

Balasubramaniam also added that the bank plans to expand itself across the country as that would lead to new ventures coming up for the bank. "Earlier, we were focused on south India, but last year we have opened 42 branches across the country. This year also we will open around 60 branches."

He added that the bank has gor license from RBI to open 40 urban centered branches and 20-22 branches in rural areas.

He also emphasized on the bank's need for capital once it attains a business worth Rs. 25,000 crore. "Our aim is to have a business of Rs.50,000 crore by 2015."

The current capital adequacy ratio of the bank is 13.92%.

"Even after procuring through internal accrual we will have a gap of around Rs.300 crore. We may go for the rights issue then. Alternatively, we also have the general body approval for QIPs (Qualified Institutional Placement). It could be a combination of these two," he said.