Private sector lender, Ratnakar Bank is harboring plans of increasing its branch count to almost double in the upcoming two years time. The bank targets to set up another 100 branches in the country in this period mainly in rural and semi urban areas.
"We will be going for branch expansion, especially in the tier-III towns and cities. We have actually identified 50-60 such locations. You should see another 100 branches in the next two years. In the coming year, we may be able to do 40, in terms of execution," Managing Director and Chief Executive Officer Vishwavir Ahuja said.
The bank has successfully raised capital worth Rs 700 crore from investors like Housing Development Finance Corporation, Cartica Capital and Norwest Venture Partners. It therefore aims towards rigorous growth plans.
"We have to create a capacity to capture the larger banking market," Ahuja said.
The current branch count of the bank is 98 with a workforce of around 800. Also, the bank formed a new management team in July 2010 consisting of former bankers from Axis Bank, Bank of America, Citibank, ICICI Bank, Yes Bank and other financial institutions.
"Historically, the bank's growth plans had not fully captured the market potential. Now, over the last several months, this process has been accelerated," says Rajeev Ahuja, head of strategy and financial markets.