Bank of Baroda optimistic on growth in Uttar Pradesh at State Level Bankers’ Committee

Posted August 13, 2019 by deepsubedar21

Bank of Baroda, India’s third largest bank successfully convened a meeting for the State Level Bankers’ Committee, Uttar Pradesh on August 8, 2019.

Lucknow, August 10, 2019: Bank of Baroda, India’s third largest bank successfully convened a meeting for the State Level Bankers’ Committee, Uttar Pradesh on August 8, 2019. The meeting was attended by the Hon’ble Chief Minister of Uttar Pradesh, Shri. Yogi Adityanath; Agriculture Minister, Shri. Surya Pratap Shahi; Minister of State of Agriculture, Shri Ranvendra Pratap Singh; Dr. Anup Chandra Pandey, IAS, Chief Secretary, GoUP; Shri Rajendra Kumar Tiwari, IAS, Agriculture Production Commissioner, GoUP and senior bank executives and officials of the central and state government.

Chief Minister of Uttar Pradesh Shri. Yogi Adityanath said, “By August 8, 2019, Bank of Baroda is attempting an e-launch for the distribution of 1 lakh Kisan Credit cards. I would like to witness a more concentrated effort in this space, so that by February 15, 2020 this facility is extended to every farmer in Uttar Pradesh. I will take this opportunity to appreciate the efforts made by Bank of Baroda, along with other banks in making banking services available in the hinterlands of UP.

The Chief Secretary Dr Anup Chandra Pandey said, “The loan-deposit ratio for banks is 56.73% for UP. In some areas, such as Sant Kabir Nagar, Siddharth Nagar, it is lesser than 40%. Through the Pradhan Mantri Jan Dhan Yojana, we would like to extend banking facilities to a broader geography and ensure that a larger spectrum is covered through financial inclusion.”

Shri. P.S. Jayakumar, MD & CEO, Bank of Baroda said, “State Government policies moving towards the growth trajectory combined with the efforts by banks in the state would make it easier to ensure that the Corporate Debt Restructuring is as per India National average of 78.20% in times to come. This, in turn will also enable the GDP growth in the State to match National average.”

SLBC (UP) is making meaningful contributions for the development of the State. Currently, agriculture contributes 28% to UP’s economy, and to integrate farmers into the economy, banks should look at launching platforms wherein farmers can access information and can purchase inputs and sell their outputs, Shri. Jayakumar said.

Uttar Pradesh is the most populous state in India with a population of about 20 crore and ranks second in terms of Gross State Domestic Product (GSDP) in the country. It constitutes 16% of India’s population and 8% of India’s GDP. With over 89.99 lakh MSMEs, and a share of 14.2% to total number of MSMEs in India, it is highest amongst the other states. It is also the leading exporter of products like handicrafts, readymade garments, carpets, and engineering goods etc.

(Chitra Suresh)
Asst. General Manager
(PR & Corp. Comm.)

About Bank of Baroda

Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s third largest bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and BOB Asset Management Co. Ltd. Bank of Baroda also has joint venture for life insurance viz. India First Life Insurance . The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

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Last Updated August 13, 2019