Private sector lender ICICI Bank on Monday announced that it will expand its retail network in the country by adding 450 new branches this fiscal year. Of these, the bank has made 320 branches operational for customers. Another set of 130 branches will be customer ready by end of this fiscal year, the bank said in a statement. "In the course of this expansion, we have also crossed the important milestone of having set up our 5000th branch," the bank added.
"We believe that a wide branch network continues to be important for retail banking. The branches offer consultation and guidance to customers for all kinds of banking requirements including mortgages, business banking, other loans and investments," said Anup Bagchi, executive director, ICICI Bank.
"Our strategy is to set up branches wherever business activity emerges. In line with this strategy, we have chalked out a plan of setting up around 450 branches this fiscal in fresh catchments and micro-markets where economic activity is present. Of these, we have already set up 320 branches," he said.
ICICI Bank currently has a network of over 5,190 branches, extension counters and ATMs across the country.
Nearly half of the branches are in rural and semi-urban areas to facilitate financial inclusion in the country, according to the bank's statement.
Most of the branches are operational from 9:30 am to 4:30 pm while some are open till 8 pm.
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