Special Correspondent

13th branch to come up in Khammam

VISAKHAPATNAM: Trissur-based The Dhanalakshmi Bank Limited will open 12 more branches in Andhra Pradesh taking its total branch strength to 24 in the State.

Bank's Executive Director V.S.R. Murthy told mediapersons here that the 13th branch in the State would be come up at Khammam next month and the remaining new branches would be opened by March 2007. The Bank, which is presently operating in eight States with 180 branches, has got licence from the Reserve Bank of India to open 32 more branches and interestingly 12 of them would be in AP.

"We want to have at least one branch in every State,'' he said adding that all the new branches would become operational by March 2007.


Claiming that the bank had advanced its e-operation by introducing centralized banking solution on the flexicube platform provided by IFLEX, Mr. Murthy said 148 out of 180 branches of the bank had already been brought under the core banking facility.

This year (2006-07) the bank has a plan to achieve a total business of Rs. 5,000 crores (Rs. 2,900 crore deposits and Rs. 2,100 crores advances) and in the coming year it wants to take this to Rs. 6,000 crores (Rs. 3,500 crores deposits and Rs. 2,500 crores advances). The bank has entered into an agreement to share member banks' ATMs of cashtree.

New initiatives

With this facility, the bank's customers will have access of 4,200 ATMs of 14 member banks with a nominal transaction fee of Rs. 10 per transaction, besides availing services free of cost from the bank's ATMs at 65 centres all over the country.

Explaining the new initiatives taken by the bank to satisfy its customers, he said the bank now provides 0.75 per cent excess interest for senior citizens, i.e., senior citizens could get up to 9.25 per cent interest depending upon their deposit amount and period.

Similarly, it has also introduced tax-saving deposits for five years at a coupon rate of 9.25 per cent interest.