For the period under review, the bank's deposits stood at Rs.76,717 crore and advances at Rs.51,984 crore.

According to Rajan, the gross non-performing asset (NPA) was Rs.474.37 crore and the net NPA stood at Rs.205.89 crore. It was Rs.75.71 crore in the corresponding period the previous year.

However, Rajan played it down, and said: 'There is nothing to get worried about the increase. It is due to the implementation of the Reserve Bank of India's guideline which does not permit banks to take into account the floating provision for calculation of net NPA.'

He said the bank has restructured loans aggregating Rs.1,786.25 crore during the quarter.

Indian Bank will also open around 100 new branches and install 200 automated teller machines (ATM), Rajan added.