Third largest bank of the country Axis bank launched 250 new branches in the areas devoid of banking services. As per the regulatory requirement, the launch of these branches makes the bank eligible to roll out 750 more new branches in coming next two years.
Mr. Rajiv Anand retail banking manager of the bank stated that, RBI stated that bank can front-load its 25 per cent branches in unbanked areas and carry forward the benefit over the next three years. Bank has already established 250 branches in the unbanked areas therefore this gives the bank opportunity to have 750 more branches in tier – I, II, III centers.
Currently bank is having a huge network spread across the country with 2,300 branches, from which more than half of the branches are in rural, semi urban and unbanked areas. After the launch of so many branches in the rural areas, bank feels it’s a big opportunity in rural areas. These branches are small and will be operating at low cost.