4,000th branch of Axis Bank inaugurated

ST CORRESPONDENT
Tuesday, 26 March 2019

Amitabh Chaudhry said, “We are extremely happy to achieve this significant milestone. Branch Banking is an integral part of our growth strategy, and we believe that our branches will not only help in deposit mobilisation from new customers but also act as a core driver of the bank’s acquisition strategy across products."

PUNE: With an aim to increase customer interaction Axis Bank, India’s third largest private Bank, inaugurated its 4,000th milestone branch at Eon, Kharadi in Pune on Monday. The new branch was inaugurated by Amitabh Chaudhry, MD and CEO, Axis Bank and Ravi Narayanan, President and Head Branch Banking, Axis Bank.

While interacting with reporters, post-inauguration, Amitabh Chaudhry said, “We are extremely happy to achieve this significant milestone. Branch Banking is an integral part of our growth strategy, and we believe that our branches will not only help in deposit mobilisation from new customers but also act as a core driver of the bank’s acquisition strategy across products. Every branch gives us the unique opportunity to interact with our customers closely, understand their priorities and deliver localised services.”

As on December 31, 2018, around 17 per cent of the bank’s branches are in rural areas and 78 per cent of the bank’s rural branches are in unbanked locations. The domestic loan growth stood at 18 per cent YOY, while the retail loan book grew 20 per cent YOY. 

The Bank’s Savings Account Deposits grew 15 per cent YOY and CASA Deposits grew 17 per cent YOY and constituted 46 per cent of total deposits as at the end of December 31, 2018. 

Speaking on the occasion, Ravi Narayanan said, “Pune has been the hub for a lot of business activities, including that of SMEs, engineering and auto ancillaries and we see a good probability of these businesses growing multi-fold. In the last two financial years, we have opened 15 branches in Pune district adding up to 71 branches in the city, out of which four are in the rural areas.’’

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