While celebrating the first anniversary of the successful amalgamation of Allahabad Bank, the public sector lender Indian Bank today announced its new vision and mission
“By Fiscal 2025 the Bank expects to grow its business at CAGR of 13.5 per cent. In the current financial year, we are targeting a growth of 10-12 per cent,” said Padmaja Chunduru, managing director and CEO of Indian Bank after launching Bank’s new Vision and Mission, HR Mission, Chatbot and IB Smart Office.
In 2019, the government announced the merger of 10 of its banks into four including Allahabad with Indian Bank.
The merger has shifted Indian Bank from ninth to seventh largest public sector bank and it is considered one of the success stories for its seamless merger, growing its business from about Rs 8 trillion to Rs 9.1 trillion in the nine months to December 2020.
Chundru said that despite the challenges the Bank has emerged as one of the best banks in various parameters including business, profit, customer acquisition. She noted, Indian Bank got the highest capital adequacy with 14.06 per cent and has got the best ratings, which would help the Bank to raise money at low rate for lending. “We have become atmanirbhar (self reliance) when it comes to capital.”
“All our vision and mission have revolved around the customer and employees,” said Chundru, adding that the bank has laid a strong foundation for a sustainable future.
The top three priorities, according to her, are growth, earnings and asset quality, while the rest will follow.
The Bank is looking to increase Net Interest Margin (NIM) to 3.21% as against 3.13 currently and reduce Net NPA to 1.31% as compared to 2.35 per cent.
Speaking at the occasion, V V Shenoy, Executive Director said “employees are our most important and valuable assets in providing insights into customer experience and act as brand ambassadors. Indian Bank commits to foster excellence through a journey of growth, individual development and robust employee experience and Indian Bank’s HR Mission aims for this”.
K Ramachandran, Executive Director, while launching a Chatbot named “ADYA” (Automated Dost for your Assistance,) said that it is an Artificial Intelligence-based tool that facilitates customers to access information instantly from the Corporate website.
Imran Amin Siddiqui, Executive Director, launched IB–Smart Office, which is a platform for employees of Indian Bank for processing office notes and letters digitally across all administrative offices and branches .
He added, IB–Smart Office is a complete green initiative of the Bank which assists in cost saving on printing and stationery, improved Turn Around Time (TAT), increased productivity of employees, better control and compliance through various reports. Easy retrieval of data any time anywhere and Ease of working on the Go is also facilitated.