Kotak bank to increase branches

Kotak Mahindra bank will increase branches network in the country from the current 375 branches to 500 branches by 2014, a senior bank official informed. The private sector lender will opening its 60th branch in Gujarat at Rajkot in the next two months.

"We are expanding our branches network across India and by the end of 2014, we will have 500 branches in the country," said Virat Diwanji, executive vice president and head of branch banking, business assets and NR in Kotak Mahindra Bank.

"Gujarat is very important state for us. We are planning to increase our branch network and customer base in Gujarat by 20-25 per cent every year over the next few years," added Diwanji.

 

In Gujarat, the bank has 59 branches, out of which 9 branches are located in Saurashtra and Kutch region.

Commenting on the household savings, KVS Manian, president and head – consumer banking, Kotak Mahindra Bank, said, "Household savings is at its lowest in 22 years on account of slow income growth and rising inflation."