Idbi Targets 100 Branches By March

The Industrial Development Bank of India (IDBI) is tagetting to open 100 branches and 400 ATM centres in at least 75 cities by March 2002.

"At present the bank has 65 branches and 110 ATM centres in 45 cities," said Ajay Bimbhet, country head (retailing), IDBI.

IDBI is all set to multiply its branch and ATM network in Gujarat in the short-term and soon will be opening three more branches at Bodakdev (Ahmedabad), Bhavnagar and Navsari, he added.

He further mentioned that the bank has recorded an impressive growth in its key balance sheet parameters during the quarter ended September 30.

Net customer assets (advances and other credit substitutes) at Rs 3,463 crore grew by 19 per cent compared with Rs 2,906 crore as on June 30.

Retail assets (including home loans) grew from Rs 153 crore as on June 30 to Rs 199 crore by September 30.

Bimbhet added that with the creation of core technology backbone, the bank has begun to leverage the new platforms to capture business growth opportunities. A web-enabled cash management service was formally launched during the quarter. Total customer base increased from 2,70,000 as on March 31, 2001, to 3,70,000 by end-September.