Axis Bank to open 100 branches under rural scheme

Private sector lender Axis Bank on Monday said it plans to open 100 branches under its rural banking strategy initiative in Tier-III, IV and V cities of the country within this financial year.

"We will launch 100 branches across India under the rural banking strategy, in addition to our normal network expansion plans by the end of this financial year," Senior Vice-president Shriniwas Dandekar said.

Expanding its footprint in Tier-III, IV and V, with an objective to tap semi-urban and rural population in under banked areas, the bank opened its first such branch at Bhojpur in Punjab.

"As a part of our strategy of being a total solutions bank, we launched our first rural banking branch at Bhojpur in Punjab and second one at Palladam in Tamil Nadu," Dandekar said.

The bank's third branch under this initiative was inaugurated in Rajula town of Gujarat on Monday.

"We will be launching five more branches under this rural initiative in Gujarat, in next week or so. The branches will come up in towns of Dhrol, Vasana, Gadadha, Manvdar and Bagasara," Dandekar said.

Axis bank recently announced acquisition of investment banking and other businesses of Enam Securities for Rs 2,067 crore, a move that will allow the private sector lender expand its footprint in i-banking and retail broking space.