State Bank of Travancore (SBT), a subsidiary of State Bank of India is likely to foray into the gold bullion trade by diversifying its products and services. At present it is expanding its branch network across Kerala and other metro cities by adding more than 100 branches, including NRI-specific centers, over the next 12 months. The bank aims a branch network of more than 1,000 units.
SBT recorded 24% growth in business in 2011-2012, that includes deposits and advances to Rs 13 crore ($26 billion). The NRI segment accounts for 21% of the bank’s total deposits, while one-third of all overseas remittances to Kerala are routed through the bank. The lender also accounts for one-third of NRI deposits in the State.
