New Delhi: State-owned Corporation Bank has said it is planning to recruit 1,400 staff during the current fiscal.
“We are planning to hire 1,400 employees, including officers, during the current fiscal,” Corporation Bank chairman and managing director J M Garg told the agency.
The total business of the bank has crossed Rs1 lakh crore during the first quarter of the current fiscal. The business mix of the bank stood at Rs1,19,505 crore as on 30 June, 2009.
As far as branch expansion is concerned, the bank plans to add about 100 branches in the financial year, he said, adding, in the first quarter about 25 new branches have been opened.
With the addition of 100 branches, the total number of branches would cross 1,150 by the end of March 2010, he said.
The bank has already opened 25 branches during the April-June quarter.
In order to meet capital requirement for the business growth, the bank would raise Rs650 crore through the issue of bonds in the markets during this quarter.
“We have raised Rs1,300 crore from Tier I and Tier II bonds so far and will raise another Rs700 crore in the July-September quarter,” he said.
Capital raised during the second quarter would be sufficient to maintain Capital Adequacy Ratio over 12% and meet the targeted business growth for the fiscal, he said.
Capital Adequacy Ratio of the Mangalore-based bank stood at 16.29% at the end of first quarter of the current fiscal.
During 2009-10, the bank is expecting credit growth of 22%, he said, adding, the outstanding credit of the bank stood at Rs47,377.59 crore at the end of 30 June, 2009.
Talking about business expansion plans, Garg said the bank expects the total business to cross Rs1,50,000-crore mark during the current fiscal.