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Axis Bank set to open 100 new rural branches

Rajula (Gujarat), Nov 22 (IANS) Axis Bank, India’s third largest private bank, is set to open 100 new branches across the country under it’s rural banking strategy, an official said Monday.

Shriniwas Dandekar, the bank’s senior vice president, said after opening the first of these branches here that five more such would be opened within a week in Gujarat.

These branches will be in Dhrol, Vasana, Gadadha, Manvdar and Bagasara.

‘These rural forays are besides our normal network expansion plans,’ he adeed.

The launch is a part of Axis Bank’s initiative of extending its footprint in tier three, four and five centres with a population of around 10,000 up to 50,000. The bank aims to achieve the twin objectives of tapping semi-urban and rural potential as well as bringing technology driven banking services to the hinterland, especially in under-banked districts and states, Dandekar added.

A bank spokesperson said that besides it’s network of over 1,200 branches and 4,900 ATMs in 680 cities and towns across the country, the bank also has presence in Singapore, Hong Kong, Shanghai and Dubai and seeks to expand itself internationally as well.

‘Axis Bank has the largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 150,000.

‘The market capitalisation of the bank as on November 18 was Rs. 57,558 crores (NSE) which makes it the fourth largest in terms of market capitalization,’ the spokesman added.

It is the country’s third largest bank by way of its balance sheet.

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