Bank of Baroda plans to expand operations in US

Wednesday, 09 April 2003, 19:30 IST
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NEW YORK: Bank of Baroda plans to expand its activities in the United States to meet the needs of the growing expatriate Indian community. The public-sector bank, whose New York branch has been functioning for 25 years, has already moved the authorities in the US for opening its branches in Texas and California where people of Indian origin have substantial presence, its chairman and managing director, PS Shenoy told reporters on Tuesday. He said getting permission for opening new branches in the United States is a complicated procedure but the bank is pursuing it vigorously. Shenoy said the bank plans to introduce cutting edge technology both in Indian and overseas branches which would bring it on par with the best banks in the world. The bank, at present, has 38 overseas branches and 23 offices of its overseas subsidiaries in 16 countries. In India, it has a total of 2735 branches. Replying to questions, he said with the opening up of the banking sector to private sector, the competition has definitely increased but it is good for both the industry and customer. It would help customers to get best possible services at competitive costs and make industry more efficient, he added. The aim, he said, is to make it "the bank of first choice" for the markets it operates in. The New York branch, Shenoy said, has successfully completed its first phase of upgradation of computers and is now poised to launch Internet banking. In presence of a select gathering of bank's customers, he formally inaugurated BOB-export-collect scheme, an Internet based bills collection facility which provides real-time on-line mechanism for collection of bills for its clients. The new product drastically reduces transit time and provides on-line status and other information to clients.
Source: IANS
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