Repco – a cooperative bank working under the aegis of the Union Home Ministry has decided to join the ranks of commercial banks and sought necessary permission from the RBI.
It was established in 1969 with the objective to rehabilitate the repatriates from Shri Lanka and Burma.
The bank is managed by a board of governors chosen by the central govt.
Repco has worked out an ambitious plan of increasing its business from Rs 7 thousand crore to about 15 thousand crore by 2014-15.
While the bank would function as a commercial unit under the RBI guidelines, it would continue to be administratively controlled by the ministry of home affairs.
The bank would soon be infused with a fresh capital of 100 crore so it could further expand its business.
While the bank has 75 branches at present, it contemplates having 120 branches in the next three years.
The bank has a subsidiary working in the field of home finance as well.