ING Vysya Bank is set to follow other private sector banks and enhance its liability book size by restructuring its liability division with thrust on corporate salary account. ING Vysya Bank’s spokesman told Financial Chronicle, “We are significantly investing in scaling up this business.”

A large part of this investment is in the form new product features like Aspira Meal Card, Aspira Dedicated Service Manager, Aspira Online Instant Salary Credit, internet application.

If you observe India’s demographics, the average age is around 24-27 years and close to 46 per cent of this population is expected to enter the workforce over the next decade, the official said, adding, “Corporate salary solutions therefore becomes a critical customer offering.”

At present, the bank has over 4 lakh salary accounts and it has set an aggressive target of growing this base by at least 30-35 per cent per annum for the next few years, he said.

The bank is also upgrading a host of services that are required to attract salary accounts holders. “Salaried customers prefer remote banking channels like internet banking, mobile banking, ATMs and debit cards as a mode of payment. The bank is in the midst of upgrading all these channels and making it easier for customers to access their account,” the spokesman said.

The spokesman also said that the bank will double its headcount across all wings. “We are in the process of doubling these resources to keep in line with our growth ambitions,” he said.