The major player in the Indian banking sector, Federal Bank has recently launched a number of 26 new branches in India. The company has launched the branches that are located across 11 states in India, on Wednesday and these new branches have taken the total number of the banks branches in India to 602. The officials of the Alwaye-based bank have stated that they are now planning to add another 100 branches in the country within the coming financial year.
The Deputy General Manager of the Federal Bank, Mr. K S Mohan was talking about the banks plans in India and said that they have already set a target to achieve the Rs 1 lakh crore and 1,000 branch-mark by the year of 2012. He said, "We want to increase our presence in Gujarat, Uttar Pradesh, Maharashtra, West Bengal and other parts of North India. As for expansion in the coming financial year, it will be mostly out of Kerala. Currently, around 300 of our branches are in Kerala, while another 300 are spread over the rest of the country".
The Mr. Mohan informed that the federal Bank is currently operating a number of 41 branches in the state of Tamil Nadu and is thinking of adding another 10-15 branches by the month of December, this year. He said that the bank has already opened some new branches in the places like Rajapalayam, Sriperumbudur, Thiruporur and Perungudi in Tamil Nadu and it is also likely to open another branch at Sholinganallur near the city of Chennai. He was also elaborating their overseas expansion plans and said that the bank has recently opened its first overseas representative office in Abu Dhabi and is planning to open some more branches in the Gulf region. The sources from the Indian banking industry have stated that the total business of the Federal Bank in the current financial year has been around Rs 43,000 crore, with deposits crossing Rs 25,000 crore and advances at Rs 18,000 crore.
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| Posted : 3/28/2008 |
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