Kotak Mahindra Bank to open 100 new branches in FY 2014

Expanding branch network is expected to boost premium banking business, says Kotak Bank, Executive Vice-president Virat Diwanji

Kotak Mahindra Bank is planning to open 100 new branches across the country in the current fiscal year, according to a top executive.

"The bank has all India network of 450 branches and 969 ATMs. With opening of 100 more branches the bank will cross 550 mark before March, 31 2014," said Kotak Mahindra Bank Executive Vice-president Virat Diwanji.

He was speaking to reporters after launching Kotak junior savings bank account for children here.

"Expanding branch network is expected to boost premium banking business. There is untapped potential for premium banking business in smaller cities," Diwanji said, adding that the bank has revamped its premium banking scheme to woo affluent consumers.

The bank has 67 branches across Gujarat and is planning to improve its customer base in the western state by at least 20-25 per cent every year over next few years, he added.

Diwanji said the current deposits of the bank in Central Gujarat with 14 branches stood at around Rs 600 crore.

"The new branches are expected to boost the bank's retail deposit mobilisation from smaller cities and improve its low cost deposit ratio," Diwanji said.

On 'Kotak Junior' savings account for children, he said the facility comes with features like "My Junior Card".