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HDFC Bank aims to add 100 branches in east by FY 16 end

By Religare
|

The country's second biggest private sector lender by assets HDFC Bank is stepping up expansion in India's eastern region, and is planning to add 100 new branches before the end of the ongoing fiscal.

The bank which currently has around 500 branches in eastern India, is aiming to take its total count to 600 branches by the end of FY 2015-16, the PTI reported.

Out of the 600 branches, the state of West Bengal is likely to host 195-200 branches of HDFC Bank.

 

The lender's total pan-India branches stood at 4,011 as of June 2015.

The lender said that the bank has considerable number of '2 man' and '3 man' bank branches in many rural locations across Asia's third biggest economy.

The stock of HDFC Bank tumbled by 1.46 per cent or 14.75 points to end at Rs 995.70 a piece on Friday, on a day when the 30-share Sensex plunged by 562.88 points or by 2.18 per cent to end at 25,201.9, the lowest level in more than a year.

The lender recently slashed its base rate by a steep 35 basis points to 9.35 per cent, the lowest among major banks. Despite the three rate cuts amounting to a total 75 basis points so far by the RBI in 2015, most lenders have only cut lending rates by 35-40 basis points.

Story first published: Monday, September 7, 2015, 9:00 [IST]
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