Federal Bank, a premier private sector bank, has announced the opening of 66 new branches and 34 ATMs all over India on Tuesday. With this the total number of branches has risen to 823, and the ATMs to 877. Besides, it has a representative office in Abu Dhabi. Addressing presspersons here T. S. Jagadeesan, Chief General Manager, said the bank has fixed a target of Rs. 100,000 crore in respect of total business with Rs. 1,000 crore as profits for 2011-12. This would be possible through a total network of 1,000 branches across India, he said.
The bank would be focussing on agriculture and small and medium enterprises (SMEs), he said. With the addition of nine branches in Tamil Nadu the total number of branches stood at 61. The Chennai zone was active in retail and SME lending , he said. According to T. K. Palaniappan, Zonal Head, the immediate focus of the bank would be to penetrate into the rural, semi-urban and urban centres. The bank was increasing its presence in the agricultural belt of western and southern parts of Tamil Nadu in a big way, he said.
Keywords: Federal Bank expansion plans