Chandigarh: Private sector lender ING Vysya Bank plans to open 56 new branches in the next six months across the country, with an expected outlay of Rs30-40 crore.
“As part of our strategy to expand our reach, we are planning to open 56 new branches in the country. Out of these, 50 branches will be opened in northern and western regions,” ING Vysya Bank Country Head (Retail Banking) Uday Sareen said.
With the opening of the new branches, the total branch network of the bank is expected to reach 493 in the country.
After getting approval from the RBI, the bank is also in the process of opening 100 more ATMs in the country with an aim to reach closer to customers. Presently, the bank has 200 ATMs at several parts of the country.
Enthused with the growth in retail banking segment, the bank is expecting 50% growth in advances to home loans and personal loans and 25% growth in lending to SME sector.
“We would like to see our home loan and personal loan segment to grow at rapid pace in the coming months,” he said.
Out of total business of Rs30,000 crore, the bank has retail assets of Rs7,000 crore including advances to agriculture sector.