Indian Bank Launches “Resources Acquisition Centres”
– A dedicated organisational structure to strengthen the deposit base
Mumbai, 21st July 2023 : Indian Bank, the country’s 7th largest Public Sector Bank, takes a significant strategic step towards reinforcing its Deposit Business Portfolio with the introduction of a Dedicated Business Unit Conc ept, “Resources Acquisition Centre” (RAC). The inaugural ceremony of the first Resources Acquisition Centre to ok place today on 20th July 2023 in Mumbai (Southern), in the esteemed presence of Shri. Mahesh Kumar Bajaj, Executive Director, Indian Bank, and Shri. S S P Roy, Field General Manager, Mumbai FGMO. The bank plans to open 20 RACs at Ultra Potential Centers in Phase-I to bolster its Deposit portfolio.
The primary objective of this new initiative is to strengthen the Retail Deposit Portfolio, which encompasses Cur rent Deposit, Savings Bank, and Term Deposit accounts. The dedicated RAC team will spearhead the concept of Relationship Banking, aiming to deepen existing client relationships while attracting potential New High-Value clients. The bank will focus on specific customer segments, including HNIs, Government/Institutional Clients, Sa laried Class, Corporates, Business community, Traders, and Pensioners.
In his address at the inauguration, Shri. Bajaj said, “The bank’s customers are its core strength, and Indian Bank is co mmitted to enhancing customer-centric initiatives by providing the best products and services to its valued clients. The introduction of RACs is expected to yield path-breaking results by providing robust Relationship Banking services to bo th existing and potential new high-value clients. The dedicated team of Proactive, Responsive, and Digitally Empowered Relationship Managers will be instrumental in achieving this goal.”
Further, he emphasized on bank’s transformation roadmap, centered around reinforcing the foundation pillars of State-of-the-Art Technology, Pioneering and Customized Products/Processes, and Delivering Delightful Cust omer Experiences through Relationship Banking.
Mrs. M. Uma, Zonal Manager & DGM, Mumbai South Zone, Mr. Raj esh Mundra, DGM, FGM Office, Mumbai, and Ms. Seemita. S. Das, AGM, RAC, Mumbai (Southern) were also present at the inaugural event.
Indian Bank’s initiative to launch Resources Acquisition Centres sig nifies the bank’s commitment to further str engthening its position in the financial sector and deepening its connection with customers. The RACs will play a pivotal role in driving innovation, enhancing cu stomer experiences, and fortifying the bank’s deposit base.
About Indian Bank
Established in 1907, Indian Bank is a premier Public Sector Bank with a dominant Pan-India presence. The gover nment of India owns 88.06% of the shareholding. It is the First Public Sector Bank to install ATM at Harbour, Ma dras in 1989. The Bank has a vast branch network with 6004 branches, 5428 ATMs & BNAs, and overseas branc hes in Colombo and Singapore in addition to over 225 overseas correspondent banks. The government of India had announced the Amalgamation of Allahabad Bank – a bank with 155 years of legacy – into Indian Bank in 20 19. Indian Bank commenced its operation as an amalgamated entity on 1st April 2020. The integration of CBS systems of both the Banks was completed on 14th February 2021. Indian Bank has constantly thrived to adopt the latest technology and modify its techniques. Apart from various initiatives undertaken by Indian Bank, one of the out-of-the-box initiatives was the launch of MSME Prerana – an Online Business Mentoring PAN India Programme for MSME entrepreneurs. To strengthen this initiative, Indian Bank also launched ‘Ind Spring Board’, financing for Start-ups and entered MOU with IIT Madras. Over the years, Indian Bank has set new benchmarks in providing efficient banking services to its different client groups and has also emerged as a frontrunner in delivering excellent customer service.
