Kotak Mahindra Bank to open 16 new branches in FY11

Kotak Mahindra Bank will open 16 new branches next fiscal, with six of them coming up in South India, a top official today said.

"We will be opening ten branches in North India in the current fiscal and three branches each in Tamil Nadu and Kerala during 2010-2011," Kotak Mahindra Bank Retail Liabilities and Branch banking Group Head K V S Manian told reporters.

He said apart from opening new branches, the bank is also planning to set up 175 new ATMs (Automated Teller Machines) across the country during the next fiscal. "In 2010-2011, we will be opening another 175 new ATMs," he said.

 

Stating that the bank deposits were growing at a rate of 25-30 per cent every year, Manian said during the current fisal the bank would attain about 30 per cent growth in deposits.

"We also expect the bank advances to grow by between 20 per cent and 25 per cent this fisal," he added.