As a part of its expansion plan, the Industrial Development Bank of India (IDBI) would open 10 new branches in Orissa by the end of 2009-10.
These branches would be over and above the existing 11 branches of IDBI in the state.
IDBI is focusing on the western Orissa region for its branch expansion, Arun Kumar Panda, deputy general manager of the bank said at the inauguration of the 11th branch of IDBI Bank at Talcher, near here.
The branch was inaugurated by PR Das, chairman of the Orissa State Financial Corporation (OSFC). “We selected Talcher for the 11th new branch of the bank because of its proximity to Mahanadi Coalfields Limited, National Thermal Power Corporation (NTPC) and other private industries. IDBI may also set up a branch at Angul soon,” said Panda Out of the proposed ten new branches of IDBI, four new branches would be opened by the end of this month while the other six branches will be set up later, he informed.
IDBI's total business in Orissa currently stands at Rs 500 crore and the bank has targeted a business of Rs 1,200 crore by the end of this fiscal, he said.
On a pan-India basis, the bank aims to ramp up its branch network from 580 at present to 1,000 by the end of this fiscal.