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Indian Bank aims to make over Rs 1 lakh crore digital transactions: MD & CEO Shanti Lal Jain

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Public sector Indian Bank has set a target to cross Rs 1 lakh crore business transactions through digital channels, a top official said on Tuesday. The city-headquartered bank had made Rs 81,000 crore transactions through digital medium last financial year, Managing Director and CEO Shanti Lal Jain said. “As far as digital transactions are concerned, it grew by 4 per cent to 89 per cent overall in FY23-24. Last financial year (FY23) the digital transactions made was 85 per cent.” he told reporters.

Indian Bank on Monday reported a 55 per cent jump in its net profit to Rs 2,247 crore for the January-March 2024 quarter as compared to a net profit of Rs 1,447 crore made last year.

Responding to a query, Jain said, “we will try to cross Rs 1 lakh crore. We have reached Rs 81,000 crore and we will try to cross at least Rs 1 lakh crore (of business through digital transactions). Our internal targets are very high.”

On whether the customers visiting branches would reduce with increase in digital transactions, Jain said, “we get all kind of consumers and to serve them the bank was operating in four modes.

Mobile banking, internet banking, website banking and assisted journey. In an assisted journey, a bank staff assists a customer and there is no paper involved.” On what would be the target for recovery during the current financial year, he said, “it will be around Rs 7,000 to Rs 8,000 crore.” “Last time we said that we will recover around Rs 8,000 crore and we recovered Rs 8,800 crore. This year also we are planning for recovery of between Rs 7,000 to Rs 8,000 crore,” he added.

On the growth on deposits and advances, Jain exuded confidence that the bank would be able to post similar performance it achieved last year. “Last year, we said that the deposits will grow 8-10 per cent and we have grown by 11 per cent and likewise we have said that credit we will grow by 10-12 per cent and we have grown by 13 per cent. This time also we are saying deposits will grow 8-10 per cent and credit 11-13 per cent,” he said.

Indian Bank witnessed a 11 per cent increase year-on-year in total deposits and it touched Rs 6,88,000 crore as of March 31, 2024 while gross advances increased by 13 per cent to Rs 5,33,773 crore.

To a query on fund raising, Jain said the bank was adequately capitalised with a capital adequacy ratio of 16.44 per cent. “We will discuss with the board and come back,” he added.

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