Public sector Bank of Maharashtra (BoM) is banking on retail credit for growth in Uttar Pradesh and Uttarakhand. “We are targeting the retail credit segment, including home, education and vehicle loans, to increase our business portfolio in the region,” bank’s Assistant General Manager (Lucknow region) P K Alavadi told. Besides, the Bank has firm plans to expand its footprint in the two states. Apart from retail credit, BoM is looking at the Micro, Small and Medium Enterprises (MSME) sector for lending opportunities. Its MSME credit stands at about Rs 45 crore in the region. The Bank has a small network of about 45 branches in the state, including National Capital Region (NCR) areas, and Uttarakhand spanning about 24 districts. “We have Reserve Bank of India’s (RBI) licenses to open about a dozen more branches in the state,” he informed. BoM is eyeing a business of around Rs 1,400 crore in Lucknow during the current financial year. The Bank has reported good deposit growth in semi-urban areas of the state.
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