Chairman and Managing Director of Punjab National Bank K R Kamath announced that the banking institution was eyeing to clock a total business of Rs 5.5 lakh crore during the existing fiscal (2010-11).

In addition, Mr. Kamath said that the bank will open around 200 divisions in India during the current fiscal.

While addressing a press meet, Mr. Kamath stated that the bank's total business would be scaled up to Rs 5.5 lakh crore in the existing financial year as against Rs 4.35 lakh crore, which was registered during
2009-10.

He added that PNB had clocked a total business of Rs 4,680 crore as on June 18, 2010, recording a year-on-year increase of 29% in Kerala.

Enumerating the growth plan, Mr. Kamath stated that the banking institution was aspiring to open around 200 arms across India and would be recruiting over 4,000 people in the officer and clerical grade to service the new divisions.

When questioned about the NRI deposits in the Bank in the State, Mr. Kamath informed that the amount was a miniscule Rs 300 crore and efforts were on to increase the NRI deposits to Rs 1,000 crore this year. (With Inputs from Agencies)