Shivalik Bank looks at Rs 5,000 cr turnover by 2020

The Uttar Pradesh-based urban co-operative lender Shivalik Mercantile Co-operative Bank is eyeing a business turnover of Rs 5,000 crore by 2020, the chief of the bank said. “In the current fiscal, we are eyeing a business turnover of Rs 1,700 crore as against Rs 1,400 crore in the previous fiscal. We are looking at growing […]

The Uttar Pradesh-based urban co-operative lender Shivalik Mercantile Co-operative Bank is eyeing a business turnover of Rs 5,000 crore by 2020, the chief of the bank said.

“In the current fiscal, we are eyeing a business turnover of Rs 1,700 crore as against Rs 1,400 crore in the previous fiscal. We are looking at growing it further to Rs 5,000 crore by 2020,” MD and CEO Suveer Kumar Gupta told reporters during an interaction here.

Shivalik Bank is also planning to get licensed as a scheduled co-operative bank by the next financial year.

“We have another strategic target of becoming a scheduled co-operative bank. We have qualified the criterion of Rs 750 crore in deposits. We will now apply to RBI for the scheduled status,” Gupta said.

The bank is focused on lending to Small and Medium Enterprises (SME).

At present, the companies has operations mostly in Uttar Pradesh and at some select locations in Madhya Pradesh and is looking to expand in north-west India.

“This is the time we are looking for expansion in major parts of north-west India. Now, we are looking forward to expansion in Uttarakhand, Haryana, Himachal Pradesh, Delhi, Rajasthan and the whole of Madhya Pradesh. We have applied to RBI for expansion,” he said.

The bank is already operating with 21 branches across Uttar Pradesh (19) and Madhya Pradesh (2) and has sought RBI nod to open 5 more branches in UP and 2 in MP.

Besides, the bank plans to acquire other urban co-operative banks to further its strategic growth initiatives to achieve a larger reach in terms of its portfolio and regional presence.

Shivalik Bank has implemented direct RTGS/NEFT platform and soon looks to launch full mobile banking with a mobile app as well as Immediate Payment Service (IMPS) to send and receive money via mobile phones.

Gupta said the bank has recently launched micro ATM services and plans to launch e-KYC facility for customers.

The bank offers personal, professional, business and micro-finance loan facilities, savings, current and fixed deposit accounts as well as remittances, lockers, ATM cards, insurance and forex services.

Source: Moneycontrol.com