Axis Bank to open 100 branches under rural banking strategy

Axis Bank, a leading private sector bank, plans to open 100 branches in the country, under its rural banking strategy (RBS),in addition to its normal network expansion plans, a top bank official said today.

Inaugurating one such branch in Palladam, about 35 km from here, the first in Tamil Nadu and second in India Agri-business and Rural Bank of Axis Bank's President S K Mitra said as part of the bank's strategy, being a total solutions bank, the first branch was launched in Bhogpur in Punjab last month.

The bank plans to open 100 such banks across India, including 25 more in Tamil Nadu, he said, adding, a few branches in Coimbatore, Erode, Namakkal, Salem and Tiruchirapalli districts in Tamil Nadu, this fiscal.

The bank is aiming at achieving the twin objectives of tapping semi-urban and rural potential as well as bringing technology-drive in underbanked districts and states, he said.

The RBS branch was also a part of Axis' initiative of extending its footprint in Tier-III, IV and V centres, with a population of around 10,000 to 50,000, he said.

The bank would offer saving accounts exclusively at RBS branches with a minimum balance of Rs 1,000 and offer a host of services like 'at par cheque book, debit card, anywhere banking and telebanking', he said.

All account holders of these branches would be able to avail the 'power gold product', wherein loans would be offered against security of gold, Mitra said.