ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Indian Overseas Bank-Directors Report 1971

Directors' Report: 1971 1. The performance of the banking system during the year 1971 was characterised by accelerated growth in deposits, a slowing down in credit extension and a continued active phase of branch expansion. New deposit accretion crossed the Rs. 1000 crore mark, for the first time in the history of Indian banking, and the rate of deposit growth at 18.6% bettered the previous year's 16.6%. Credit outstandings rose by 9.3%. This was reflected in a drop in the credit-deposit ratio from 78.6% in 1970 to 72.4% in 1971. The year saw commercial banks opening as many as 1805 new branches, of which 1073 were in hitherto unbanked centres. The spectacular programme of branch expansion executed by the banks since nationalisation has brought down the average size of population served per bank office from 65,000 in

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