Kotak Mahindra Bank plans to open 600 new branches

Kolkata: Private sector Kotak Mahindra Bank will increase the number of branches to more than 600 during the current fiscal, an official of the bank said.

“Presently, the bank has 503 branches, out of which 76 are rural and 119 semi-urban. The number will be 600 plus by the end of the current fiscal,” executive VP and Head (branch banking) Mahesh Balasubramanian said.

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Out of the 600 odd branches, 45 percent of them would be in the rural and semi-urban areas, he told reporters here today at the launch of `Kotak Samridhi’ scheme for milkproducers in West Bengal.

He said that the bank’s CASA ratio was 29 per cent and the year-on-year growth was 25 percent.

Talking about financial inclusion, he said that the bank had covered 913 villages either through branches and business correspondent (BC) model.

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On Kotak Samridhi, executive VP of Kotak Mahindra Bank Tushar Trivedi said that the bank had tied up with Amul for extending FI to the milk producers in the state.

Initially, the programme would be limited to Burdwan and Hooghly districts involving 10,000 milk producers.

The bank has tied up with National Payments Corporation of India, he added.

PTI