IDBI Bank targets 30% casa deposits with 2000 new branches by FY 15

Posted By: Religare
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Mumbai-headquartered, public sector lender, IDBI Bank is likely to open 2000 new branches by FY 15, on the back of its profit-dragging issues, said the media report.

"For a bank of our size, we only have around 1,120 branches. We will increase them by 300 this fiscal and to 2,000 by March 2015" IDBI Bank, newly-appointed chief, M S Raghavan told media.

Moreover, the bank has also targeted the composition of Casa deposits to 26-27 per cent by the end of the current fiscal and 30 per cent by the end of March 2015.

Raghvan further added that the factors that are affecting the bottom line such as low retail penetration and inability to meet priority sector lending target are clear and the bank will overcome them over the next two years.

Besides, the bank will also increase the automated teller machines to up to 5,000 from the present 1,780 during the same period, added the media report.

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