The Reserve Bank has already approved the proposal to set up a subsidiary in Botswana, which will have a capital base of approximately $4 million. Our experience in Africa is very encouraging, and Botswana, which has per capita income of over $3000 will be a rewarding one". BoB is planning to set up a joint venture with Bank of India in Tanzania. Further, for efficient resource planning, BoB's offshore banking unit in New York has been shifted to Nassau (Bahamas). "Conversion, acquisition and expansion have marked the international operations of the bank", Sethi added. International off-shore financial centres (OFCs) have come to play a vital role in facilitating investment worldwide in today's highly integrated global network. As part of structuring of US and European operations, new products and strategies have been approved by the bank. For centralising participations and improving the all-in-yield, a `Global Syndication Centre' has been set up in London.

According to Sethi, BoB's Hong Kong operation will come handy to do business in Chinese region.

BoB's international operation has over Rs 6,000 crore in deposits and an advance portfolio of Rs 2,984 crore during 1999-2000. It has over 35 branches out of which four are subsidiaries.

About domestic operations Sethi said that with a turn around in the economy, BoB is targeting a 20 per cent increase in operating profit during 2000-2001.

Deposits of the bank are expected to grow by 19 per cent in which the contribution of the low-cost savings deposit is expected to be 25 per cent. Total advances is expected to grow by 21 per cent with an extra emphasis on retail lending like housing loans, loans for consumer durables and loans against shares.