Updated: March 29, 2010 18:59 IST

Axis Bank to open 30 branches in two days

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An Automated Teller Machine (ATM) kiosk of AXIS Bank. File photo
The Hindu An Automated Teller Machine (ATM) kiosk of AXIS Bank. File photo

Private sector Axis Bank will open 30 more branches by March 31 and plans to apply for around 250 licences next fiscal (FY 11), a senior bank official said.

“We opened our 1,000th branch today and will open 30 more by end-this fiscal (March 31). Next fiscal, we plan to apply for 250 branch licences,” Axis Bank’s Executive Director, S. K. Chakrabarti, told PTI here today.

The bank presently has 4,300 ATMs which it plans to scale-up to 4,350 by March 31.

Apart from conventional retail banking which contributes around 20 per cent of the bank’s total revenue, Axis Bank has also started wealth and private banking and “is currently in the process of building up both these businesses,” Mr. Chakrabarti said.

It has a team of 70 for wealth banking and around 25 for private banking, he said. “Initial response has been very encouraging,” he said.

The bank normally adds around 2,000-2,500 personnel in retail banking every year and in the coming fiscal “should add about the same number,” he said.

On current account, savings account (CASA), the Axis Bank official said that it presently stands at around 40 per cent of its total deposits.

“It should rise to around 42 per cent by end-this fiscal,” he said, adding that “it is a very good source of low-cost funds for us.”

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