Mahesh co-op bank to expand network

Hyderabad-based AP Mahesh Cooperative Urban Bank Limited (Mahesh Bank) is in the process of expanding its branch network in the Telangana region, besides making a foray into the foreign exchange business.

The bank would open three more branches at Karimnagar, Hyderabad (Gachibowli) and Nizamabad. It currently has 30 branches in three states "� Andhra Pradesh, Maharashtra and Rajasthan.

Addressing a press conference to announce the bank's unaudited financial results here on Tuesday, Mahesh Bank chairman Ramesh Kumar Bung said the bank had already submitted proposals to the Reserve Bank of India (RBI) for its network expansion.

"We are also planning to undertake foreign exchange business as category-II, and as permitted, applied for a licence to the RBI. We expect the regulator's nod for the same within three months," he added.

Mahesh Bank is also planning to bring its entire branch network under the core banking solutions.