Kotak Mahindra Bank to open over 100 branches in FY19

Kotak Mahindra Bank to open over 100 branches in FY19

 

Hyderabad, Aug 16: Kotak Mahindra Bank plans to open over 100 branches to take the network to 1,500 from the existing 1,391 by the end of the current fiscal, a senior official said here on Thursday.
The bank’s senior executive president, Puneet Kapoor said they are in the process of setting up a branch in Dubai International Financial Centre.
“We have now 1,391 branches as of June 2018 and supported by 2,231 ATMs… by March 2019-end we should be closer to 1,500 branches. In the current network of branches we have 45 per cent in metros, 21 per cent in urban and 34 per cent in semi-urban and rural,” he said.
As per RBI’s regulation if one branch is opened in the urban or metro area one branch has to be set up in semi-urban or rural area and the bank is following the same matrix, Kapoor said.
Kotak will continue to expand its branch network across India using a dual strategy- a hub and spoke model in locations where the bank is already present, he said.
It is also expanding physical footprint in locations where the bank has received many requests to open an 811 account but where they do not have branches as yet, he added.
Kapoor said the bank is present in many countries not as banking entity bus as a financial institutions serving Indian investors in those countries.
“We have today in principle approval to set up a branch in Dubai. We have a representative office there already. We have the approval to set up a branch in DIFC. So we are in the process of setting up a branch in DIFC,” the banker added.
According to him, Kotak Mahindra Bank has grown its customer base from eight million in March 2017 to 14.5 million as of June 2018 after the launch of “811-Indias first downloadable digital bank account.”