Kotak Mahindra Bank is planning to add around 100 branches by the end of this fiscal (2013-14). Till September this year, the bank had around 503 branches and looks to take its tally to over 600 by March.
According to Mahesh Balasubramanian, Executive Vice-President and Head Branch Banking at Kotak Mahindra Bank, 24-34 new branches will be added in rural areas, and another 25 in semi-urban ones.
“It is a conscious decision to try and penetrate these un-banked and rural areas,” he told newspersons during a press conference here.
The bank’s CASA (current account and savings account) deposits, at Rs 15,393 crore, have grown 25 per cent year-on-year. The CASA ratio stands at 29 per cent.