Bank of India plans to expand retail, agri, MSME loan in FY23

Mumbai, June 22 (KNN) Bank of India (BOI) has decided to focus on its loan portfolio growth in the retail, agriculture and MSME (RAM) segment in the current financial year of 2022-23.

The public sector bank witnessed highest growth in retail loan portfolio within the RAM segment followed by agriculture and MSME sector.

In the four quarters of FY22, the bank’s corporate loan portfolio remained in the range of Rs 1.22-1.29 trillion.

In its retail portfolio, home loans and vehicle loans have the highest contribution in its growth.

Home loans, which contribute the highest to the bank’s retail loan portfolio, grew by 13.5% in FY22 to Rs 43,788 crore. Vehicle loans grew by 50% to Rs 10,353 crore.

Loans to the MSME sector grew by 9.5% on year to Rs 69,462 crore.

Under agriculture, the bank’s total outstanding as on March 31 grew 12.5% on year to Rs 66,418 crore. The bank issued 1.86 lakhs Kisan Credit Cards (KCC) with credit limits of Rs 2,565 crore for flexible credit utilisation.

Apart from its plan for the RAM segment it has also planned to launch a range of digital initiatives in FY23. (KNN Bureau)