Staff Reporter

A new branch has been opened in Kochi

KOCHI: Axis Bank is planning to expand its network in the State, bank’s south zone president C.P. Rangarajan has said. He was addressing a gathering after inaugurating the bank’s new branch at Palarivattom, in Kochi, on Saturday.

The bank had recorded a 40 per cent growth in the State in 2007-08. It is the official banker to the Andhra Pradesh and Karnataka governments, he added.

It had been associated with the functioning of web-enabled services like e-seva in Andhra Pradesh. The bank is engaged in talks with the government of Kerala and will explore opportunities for similar initiatives in the State, Mr. Rangarajan said. The bank had a business of Rs.2500 crore in the State and it planned to increase it to Rs.5000 crore this year, he said. It had a customer base of 1.5 lakh in the State.

It had registered a profit of Rs.1000 crore during the period, according to the bank executive. The bank will open more ATMS so that the total number will cross 100 during the current financial year, Mr. Rangarajan said.

The bank had a business volume of Rs.400 crore from the NRI segment in the State. Lending to farmers during the last financial year was to the tune of Rs.450 crore in the State.

During the first three months of the current financial year, the lending to farmers was Rs.73 crore, he said.