Private sector lender Bandhan Bank has opened three new branches and 122 banking outlets in the form of small-format units across 15 Indian states.
The bank told Bombay Stock Exchange (BSE) in a notice that 25% of the new outlets will be opened in unbanked rural areas of the country.
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The bank has opened the outlets in Uttar Pradesh, Rajasthan, Madhya Pradesh, Andhra Pradesh, Telangana, Bihar, Chhattisgarh, Odisha, Tamil Nadu, Uttarakhand, Karnataka, Maharashtra, Assam, Delhi and West Bengal.
This comes weeks after Reserve Bank of India (RBI) lifted branch expansion restrictions placed on the bank in December 2018.
To comply with RBI’s licensing terms, the bank had to bring down its promoter shareholding to 40% by purchasing HDFC Bank’s home loan subsidiary Gruh Finance.
Bandhan Bank managing director and CEO Chandra Shekhar said: “With the withdrawal of restriction on opening new branches, we will be able to expand business growth rapidly.
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By GlobalData“In our four-and-a-half-year existence as a universal bank, we have been quick to identify opportunities for expanding distribution and setting up our presence.”
“The 125 new banking outlets will help further serve our customers who have shown faith in us.
“We are confident about continuing our growth trajectory driven by the trust that our customers and stakeholders shower on us.”
Bandhan Bank now has 4,414 outlets across India, including 1,013 total branches, 3,206 banking units, and 195 home loan service centres.
The bank has a presence in 34 out of the 36 states and union territories of India.
As of 31 December 2019, Bandhan Bank had 19 million customers, $7.4bn in deposits, and $8.82bn in advances.
The total business of the bank stood at $16.22bn.
