The Hindu Business Line : Corporation Bank working on network expansion

Kolkata, July 10 Corporation Bank will take up an aggressive branch expansion plan for regions other than the South, its traditional bastion, in the coming months, the Chairman-cum-Managing Director, Mr B. Sambamurthy, said here.

The bank is weighing the possibility of widening its network further, especially to areas where it needs to markedly scale up presence. The idea is to penetrate markets that have displayed positive signs in terms of generating fresh business.

More branches

Corporation Bank, which has opened about 200 branches in the last two years, has added one million new customers during this period. Its business now stands at about Rs 72,000 crore. It now has a network of about 900 branches. “We plan to scale this up to about 1,000,” he told newspersons, adding that the bank intends to widen its ATM network substantially as well.

Among the bank’s new initiatives is a branchless banking programme, which has been taken up as a pilot project, first with six villages. The plan is to facilitate customers in certain fringe areas. For them, branchless banking will also keep costs on the lower side, it is felt.

Corporation Bank expects to look beyond mere no-frill accounts when it comes to greater financial inclusion, the CMD said.

He was addressing a meeting organised by the Federation of Indian Chambers of Commerce and Industry on Tuesday. With 25,000 rural branches in operation, each branch is in a position to serve at least 30 villages. Discussing trends that are likely to emerge in future, Mr Sambamurthy referred to the globalisation of personal financial services. Use of technology and the need to cash in on the booming markets will facilitate even small-ticket deals on this front, he said.

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