India’s ICICI Bank has unveiled plans to open 450 new branches this fiscal to further bolster its retail network.
Of these, the lender has already made 320 offices operational, expanding its network to include 5,000 branches.
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Around half of these branches are located in rural and semi-urban areas of the country, the bank noted in a statement. Its overall retail network comprises around 20,390 outlets including branches, extension counters and ATMs.
ICICI Bank executive director Anup Bagchi said: “Our strategy is to set up branches wherever business activity emerges. In line with this strategy, we have chalked out a plan of setting up around 450 branches this fiscal in fresh catchments and micro-markets where economic activity is present.
“Of these, we have already set up 320 branches. Another set of 130 branches will also be customer ready by end of this fiscal.”
Overall, ICICI Bank’s retail network comprises around 20,390 outlets including branches, extension counters and ATMs.
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By GlobalDataThe network includes around 100 fully automated and digital branches across 33 cities in the country. ICICI Bank has also deployed more than 1,500 self-service kiosks to carry out several transactions without approaching the tellers.
Last month, it introduced robotic arms to carry out high volume cash processing at its currency chests across 12 cities.
Founded in 1994, ICICI Bank is a private sector lender offering financial services to corporate and retail customers.
As of 30 June this year, the bank had around INR12.5trillion ($180bn) in consolidated assets.
