(MENAFN- KNN India)
Chennai, Jan 31 (KNN) Indian Bank, the public sector lender based in Chennai, has unveiled its roadmap for the next three years, emphasising stable growth across all key performance indicators.
The bank's vision revolves around accelerating digital adoption and increasing its support for Micro, Small, and Medium Enterprises (MSMEs).
In his first exclusive media interaction since taking over as MD and CEO on January 16, 2025, Binod Kumar shared insights into the bank's forward-looking strategy.
“We've been performing well, which shows our current strategy is working,” Kumar said, adding that the bank would focus on areas with potential for further growth while maintaining stability.
Digital transformation is a central pillar of the bank's plan, with a focus on increasing digital adoption in its liability products. Currently, 92 per cent of the bank's transactions are conducted digitally, and Kumar aims to push this figure to 95 per cent within the next two to three years.
The bank has made impressive strides in the digital space, especially on the asset side, and plans to extend this success to the liability side, enhancing customer convenience.
Another major initiative is the development of a next-generation call center. This will help streamline customer service, enabling the bank to handle grievances more effectively and reduce branch escalations.
Indian Bank's digital channels have already processed over ₹2 lakh crore in transactions in the past few years, with a notable 70 per cent adoption rate in the RAM sector-retail, agriculture, and MSME.
When it comes to MSMEs, Indian Bank is taking a fresh approach. Recognizing the paperwork burden on small businesses, the bank has developed innovative solutions, such as a GST-based loan assessment system.
This allows MSMEs to access financing based on their GST data, with a pre-approved business loan of up to Rs 10 lakh. By March 2025, the bank plans to reach 7,000 MSMEs through this system, aiming to boost the share of MSME loans from 17 per cent to 20 per cent.
In addition to digital advancements, Indian Bank is expanding its MSME-focused infrastructure, with plans to grow its network of specialized branches and MSME clusters across the country.
Through these measures, Indian Bank is setting itself up for a transformative journey over the next three years.
(KNN Bureau)
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