Indian Bank posts Rs 427 cr loss

Indian Bank posts Rs 427 cr loss
ENS ECONOMIC BUREAU

CHENNAI, JULY 24: The government of India has finally agreed to recapitalise Indian Bank to the tune of Rs 1,750 crore. The bank, according to its CMD Ranjana Kumar, will get the funds by December this year. This desperately-needed infusion will shore-up the beleaguered bank's capital adequacy ratio to just over nine per cent which is mandatory for any bank to carry on business in the country.

On the technology front, the bank has drawn up an IT plan that envisages 70 per cent of the bank's business coming from computerised branches by 2001. Currently, 33.36 per cent of the total business of the bank has been computerised. Networking of branches will also be taken up with 63 branches in Chennai, to start with, interlinked under metropolitan area network. The bank also proposes to introduce internet banking in the near future.