Public sector lender, Punjab National Bank is planning to achieve a total business of Rs 10 lakh crore by 2013.
"We aim to increase its customer base to 150 million by 2013. Also, we are expanding our global footprint. We have already acquired Kazakhstan-based Dana Bank by infusing capital worth of Rs 150 crore and have 63% controlling stake. This will be gateway to CIS countries to expand our operations. We are also in the process of upgrading our representative office at Norway to full-fledged branch and other countries", PNB chairman and managing director K R Kamath said.
The bank also plans to add 500 more branches to its existing network and for this it has hired 1200 clerical staff. "Last year, we had recruited 2000 people and in the next fiscal we may have to recruit even more to staff new branches as well as fill the vacancies caused by retirement of our employees", Mr Kamath said.
Speaking about the likelihood of rise in interest rates he said, "There was already an upward bias to interest rates and the high food inflation has only accentuated the push. We need to maintain balance between deposit and credit growth rates as the pace of the growth is not the same"
He, however accepted that there is a chance for lending and deposit rates seeing a rise, "But when and how, the market will decide. In case banks are not getting deposits to fund the credit growth, then deposit rates will be increased first," he said.
He added that, "PNB continues to hold its leadership position in business, network and technology adoption. In terms of key financial and operational business parameters, the Bank steadily witnessed outstanding performance during the period April'10 - December'10 of the FY 2010-11".