Indian private sector lender Axis Bank is reportedly planning to add about 350-400 branches to existing network in current fiscal year as part of its expansion strategy.
The bank currently operates 3,800 branch offices across the country.
Axis Bank retail banking executive director Rajiv Anand told new agency Press Trust of India (PTI) that: “National, totally we have about 3,800 branches currently. Last year, we added about 400 branches. Our anticipation is that we will add between 350 and 400 branches this year as well (FY19). We added 76 branches in the first quarter.”
He further stated that digitisation has mainly been effective in metro and urban areas and its adoption is somewhat slower in the semi-urban and rural areas. As a result, Axis Bank has decided to open more branches to better serve those areas.
Responding to a question whether number of ATMs and bank branches will decrease with the ongoing digital drive, Anand said: “Axis Bank has driven forward the government’s digital initiative by focusing on and strengthening our mobile banking and internet banking services.
“The bank has taken multiple initiatives to promote digital banking, both in rural and urban areas which have led to a good rise in the transactions done digitally.”
Axis Bank’s branch network spans across 2,211 cities and towns in India. The bank also has ten overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo.
Moreover, the bank has representative offices at Dubai, Abu Dhabi, Dhaka and Sharjah and an overseas subsidiary at London, UK.