IDBI Bank plans to add 200 branches

The state owned IDBI Bank plans to add 200 more branches across the country over next 6 to 9 months. This will take the total branches of the bank in the country to more than 700 by November 2008 from 507 at present.

“At present we have 507 branches in the country and have license for opening 200 more branches in 6 to 9 months time”, said O V Bundellu, Deputy managing Director, IDBI Bank.

Bundellu, who was here to launch a three day long exhibition on housing finance ‘IDBI Bank Homes 2009’ said, the bank wants to make inroads in the retail loan segment. Accordingly, it is focussing on extending home loans, education loans, personal loans, mortgage loans and small and medium enterprise (SME) loans. With a view to expand the retail loan portfolio, the bank has started the promotional campaign ‘IDBI Bank Homes 2009’.While the first such campaign started from New Delhi, the second exhibition was held in Jaipur.

The exhibition organised at Bhubaneswar is the third in series of 9 such events to be held in 9 cities of the country. Housing is supposed to be one of the major areas of consumption and such exhibitions will give it a fillip, Bundellu said.

He said, with the annual rate of inflation declining to less than 5 percent, the interest rate is expected to come down further. Though the bank has not decided on reducing its interest rate on housing loans from the existing 10.5 percent, it is contemplating to offer a package to the customers by attractively structuring the loans.

Referring to the business potential in Orissa, Bundellu said, apart from the metals, there is vast potential for growth in sectors like tourism and IT.

IDBI Bank has 6 branches in the state at present including a Retail Asset Centre (RAC) in Bhubaneswar. It intends to add 6 more branches before June 2009 and 8 more branches within 18 months from now. Similarly, it plans to expand its ATM network in a major way and has chalked out plans to add about 330 ATMs in the country taking the total to 1200 in next 6 to 9 months.