IDBI Bank, a public sector bank in India, is planning to open nearly 260 new branches and set up 500 ATMs in the next 12 months.
The expansion is part of the bank’s aim to double its client base to 10 million customers over the next one year.
One of the main objectives behind the IDBI’s expansion plan is to increase its CASA (Current Account-Saving Account) ratio to 22% from 14% presently, according to Hindustan Times.
After the completion of the expansion, total count of IDBI’s branch will exceed the 1,000-mark.
Hindustan Times quoted IDBI Bank executive director and group head retail banking RK Bansal as saying that in the next three years, the bank is planning to open 1,500 to 2,000 new branches.