IndusInd Bank to add 400 branches by March 2014

NEW DELHI: Private sector IndusInd Bank on Tuesday said it plans to open about 400 branches over a period of three years to expand its presence in the country.

"We currently have 310 branches and plan to take the network to 700 by March 2014," IndusInd Bank Managing Director Romesh Sobti said after the bank signed an MoU with Indian Army here.

He said, the bank would be adding over 100 branches during the current fiscal.

As per the plan, he said branch network should go up to 425 by the end of March 2012.

Asked about loan growth, he said, the bank is expecting credit growth of about 25 per cent and deposit growth in the same range.

On interest rate, he said, RBI may raise policy rate but it would not be more than 25 basis points.

Meanwhile, IndusInd Bank signed a Memorandum of Understanding (MoU) for issuing salary accounts to personnel of all ranks of the Army with host of benefits.

The bank will provide a full range of financial products and services to officers and jawans of the Army, Sobti said.

The salary account is tailor-made and provides various concessions on fee and interest to army personnel, he said, adding, the bank will also provide advances on concessional rate.

Besides, inward remittance would be free of charge and even the bank will provide lifetime free credit card, he added.

Source: EconomicTimes