Indian lender Kotak Mahindra is to open more than 100 new branches in the current fiscal year.
Kotak Mahindra currently operates a network of 1,391 branches.
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By the end of March 2019 Kotak Mahindra aims to operate a branch network of 1,500 outlets.
Branch expansion remains a key strategy for a number of Indian lenders.
For example, IndusInd Bank says that it is on target to grow to expand its network from 1,410 to 2,000 branches.
Meantime, Yes Bank aims to expand its network of 1,105 to 1,250 by 2020.
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By GlobalDataBy contrast, sector leader State Bank of India has been rationalising its massive branch network.
State Bank of India ended the first quarter of this fiscal with 22,428 branches, down from 24,017 in June 2017.
Punjab National Bank ranks second by branches with 6,993 ahead of Canara Bank with 6,071.
India’s central bank requires one semi-urban or rural branch to open whenever a branch is opened in an urban or metropolitan location.
INDIA: LARGEST BANKS BY BRANCHES
- State Bank of India 22,408
- Punjab National Bank 6,993
- Canara Bank 6,071
- Bank of Baroda 5,502
- Bank of India 5,125
- ICICI 4,850
- HDFC 4,787
- Central Bank of India 4,668
- Union Bank 4,301
- Syndicate Bank 4,010
- Axis Bank 3,703
- Indian Overseas Bank 3,326
- IDBI 1,899
- IndusInd Bank 1,410
- Kotak Mahindra 1,391
- Yes Bank 1,105
