Axis Bank to open 30 branches by Mar 31

Private sector lender Axis Bank today said it would open 30 more branches over the next two days and is planning to seek 250 branch licences in the coming fiscal.

"We opened our 1,000th branch today and will open 30 more by this fiscal (March 31). Next fiscal, we plan to apply for 250 branch licences," Axis Bank Executive Director S K Chakrabarti told PTI here today.

The bank currently has 4,300 ATMs which it plans to scale up to 4,350 by this month end.

Apart from conventional retail banking which contributes around 20 per cent to the bank's total revenue, Axis Bank has also started wealth and private banking and "is currently in the process of building up both these businesses".

The division has a team of 70 wealth banking and around 25 for private banking personnel's, he said. "The initial response has been very encouraging," he said.

The bank normally adds around 2,000-2,500 personnel in retail banking every year and in the coming fiscal "should add about the same number," Chakrabarti said.

The bank's CASA (current account, savings account) stands at around 40 per cent of its total deposits, he said.

"It should rise to around 42 per cent by this fiscal-end. It is a very good source of low-cost funds for us," he added.