Axis Bank to open 100 branches under RBS

Axis Bank to open 100 branches under RBS

Coimbatore: Axis Bank, a leading private sector bank, has plans to open 100 branches in the country, under its Rural Banking Strategy (RBS),in addition to its normal network expansion plans, a top bank official said on Monday.

Inaugurating one such branch in Palladam, about 35 km from here, the first in Tamil Nadu and second in India, S. K. Mitra, president, Agri-business and Rural Bank of Axis Bank, said as part of Bank’s strategy, being a total solutions bank, the first branch was launched in Bhogpur in Punjab last month.

The bank plans to open 100 such banks across India, including 25 more in Tamil Nadu, he said, adding, a few branches in Coimbatore, Erode, Namakkal, Salem and Tiruchirapalli districts in Tamil Nadu, would be opened this fiscal.

The bank was aiming at achieving the twin objectives of tapping semi-urban and rural potential as well as bringing technology-driven in underbanked districts and States,he said.

The RBS branch was also a part of Axis’ initiative of extending its footprint in Tier III, IV and V centres, with a population of around 10,000 to 50,000, he said.

The bank would offer saving accounts exclusively at RBS branches with a minimum balance of Rs1,000 and offer a host of services like ‘at par cheque book, debit card, Anywhere Banking and telebanking,´ he said.

All account holders of these branches would be able to avail the ‘power Gold product´, wherein loans would be offered against security of gold, Mitra said.