Axis Bank opens 1000th branch, plans 30 more

Axis Bank, the country's third-largest private bank, will open 30 more branches by 31 March, next year and plans to apply for around 250 branch licences next fiscal (2011-12), the bank's executive director S K Chakrabarti said in Mumbai on Monday.

Speaking to newspersons after opening Axis Bank's 1,000th branch at Bandra Reclamation in the western suburb of Mumbai, Chakrabarti said, ''We opened our 1,000th branch today and will open 30 more by the end of this fiscal. Next fiscal, we plan to apply for 250 branch licences.''

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

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'', Chakrabarti said. It has a team of 70 for wealth banking and around 25 for private banking, and ''initial response has been very encouraging,'' he added.

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.''

On the Bandra branch, Chakrabarti, said, ``It is a very special day for all of us at Axis Bank. This marks yet another step towards reinforcing our commitment to bring superior banking services, marked by convenience and closeness to our customers. I would like to take this opportunity to thank all our customers and partners to have made this possible.''

Axis Bank offers a range of services including large and mid-corporate banking, small and medium enterprise (SME) banking, agri-business banking, retail banking and international banking.