Indian Overseas Bank plans to open 55 per cent of its branches in rural and semi-urban areas during the current financial year, according to Mr M. Narendra, Chairman and Managing Director of the bank.

Speaking at the ‘Meet the Press’ programme, organised by the Dakshina Kannada Working Journalists Association here on Saturday, he said that a majority of these branches will come up in unbanked and under-banked areas in the country.

Giving details of the branch expansion plans of the bank, he said the bank plans to open 400 branches during the current fiscal. Of them, nearly 186 branches will come up in un-banked and under-banked areas having population of less than 10,000.

With the opening of 400 branches, the total number of bank branches will reach 2,600, he said. The bank had 2,208 branches at the end of August 31.

On the financial inclusion programme of the bank, he said that all the 1,235 villages allotted to the bank, spread across 19 States and two union territories, have been covered under this programme. The bank is engaging the services of 1,142 business correspondents for this purpose.

The bank, which has 1,210 ATMs, is planning to increase it to 3,000 ATMs at the shortest possible period, he said.

Stating that the bank is exploring the opportunities to open branches in African and West Asian countries, Mr Narendra said the process of conducting exploratory survey would be commenced shortly.