Dhanalakshmi Bank to ramp up branch network

Thrissur-based Dhanalakshmi Bank will add 66 new branches during the current financial year to its network of 207, said PG Jayakumar, general manager.

Besides, it would upgrade 27 extension counters to branches, of which 16 would be in Kerala.

Speaking to the media here, he said 5 more regional offices would be added in the current financial year and the number of ATMs would be enhanced to 453.

The bank has also planned to shift its corporate office to a new 10-storied building, which is being constructed on 2 acres at Poonkunnam in Thrissur city.

As part of its microcredit scheme, Dhanalakshmi Bank has initiated a mini diary funding project in Idukki district. The project provides assistance to 200 mini diaries.

Under the scheme, individual diary owners need to form a five-member joint liability group and each member gets a loan of up to Rs 100,000. The milk produced by these groups is collected by the Kerala Co-operative Milk Marketing Federation.

According to Tilisa Gupta Kaul, head - microcredit, the bank would expand the diary funding projects to other states like Tamil Nadu, soon. In Kerala, two more similar projects have been identified. Of the total advances, micro credit accounts for 5 per cent.

The bank has also launched its rural housing finance under Grahashree loans in Kerala. This is also a part of the microfinance business under which it plans to fund 300-500 houses. The project is run with the support of self-help group members of the Nair Service Society.