The third largest private sector lender of the country, Axis Bank has decided to focus better on its plans of expanding rural banking. The bank has decided to open 100 new branches in the country as a part of this move.
The bank has recently opened a branch in Palladam in Tamil Nadu. Earlier, it had also set up a branch in Bhogpur in Punjab.
Out of its target of 100 branches, the bank plans to set up 25 in Tamil Nadu itself in places like Coimbatore, Erode, Namakkal, Salem and Tiruchirapalli.
These special branches would be offering savings account having mimimum balance requirement of Rs 1000 along with other facilities like at par cheque book, debit card, Anywhere Banking and telebanking.
Axis Bank president for Agri-business and Rural Bank SK Mitra said, "The RBS branch was also a part of Axis' initiative of extending its footprint in Tier III, IV and V centers, with a population of around 10,000 to 50,000."
According to Mitra, the bank aims to penetrate itself in the rural and unbanked areas along with bringing them to the technological forefront.