Bank of Baroda to set up mid-corporate branches to tap opportunities

Bank of Baroda (BoB) plans to set up mid-corporate branches across the country for quick processing of corporate proposals and tap the opportunities available in this segment.

“Initiatives such as the Corporate Sales War room and Fee Booster Campaign simplified and speeded up processes within the Corporate Banking vertical, contributing significantly towards the 15 per cent year-on-year (YoY) growth in overall fee income this year (FY22).

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

BoB will also becross-selling of term loan facility to existing Working Capital customers.

The Bank has started tapping customers who were availing only term loan facilities for opening Cash Credit (CC)/Over Draft (OD) accounts through its dedicated outbound contact centre executives.

“We have done cross selling of working capital facilities to 307 existing Term loan customers to the tune of Rs 162.17 crore,” the report said.

The Bank has introduced the Centre for Agriculture marketing and Processing (CAMP), a centralised centre for processing agriculture loans focusing on non-traditional and high-value Agri advances.

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

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

Chadha observed that BoB is working on an STP (straight-through-processing) digital journey for Kisan Credit Card customers in select states with progressive digitisation of agriculture land records.

The journey involves integration with Agritechs to r fetch land records and do the risk analysis of the farm data, he added.

The BoB Chief said the Bank has created a corporate ethics function for developing a strong ethical culture to build trust with employees, customers and other stakeholders.

“The endeavour of the Bank is to put ethics at the centre of all its practices across the entire value chain and in all its dealings with stakeholders including employees, customers, vendors, regulators, etc., and actively contribute to the social and economic development of communities at large,” he said in the Bank’s annual report.

Published on

June 05, 2022