The Hindu Business Line : Bank of Rajasthan plans 30 more branches

M. P.K. Tayal (right), Chairman, Bank of Rajasthan, with Mr Vinod Juneja, Deputy Managing Director, at a press conference in Mumbai on Monday. - - Shashi Ashiwal

Mumbai , Sept. 13

BANK of Rajasthan Limited (BoR) plans to open 30 additional branches in the southern, northern and eastern parts of the country by the end of the current financial year.

This is part of the bank's expansion plan to become a national player, said Mr P. K. Tayal, Chairman, BoR. So far, in fiscal 2004-05, the bank has opened 10 branches. The average cost for opening a branch is about Rs 50 lakh, according to Mr Vinod Juneja, Deputy Managing Director, BoR.

Licences for these branches have been approved, with procedural formalities "in the pipeline" said Mr Tayal.

He also said the bank's deposit base was expected to grow to Rs 8,500 crore, and the advances would move up to Rs 3,500 crore by September 30, 2004. The corresponding figures as on March 31, 2004, were Rs 7,500 crore and Rs 2,500 crore.

On the issue of diluting the 46 per cent stake in the bank as per the latest RBI guidelines, Mr Tayal said this would be decided on a case-to-case basis by the Central bank. Currently, there is no decision on this matter, he said.

Mr Tayal was speaking at a press conference to announce the appointment of Ms Hema Malini, film actress and member of Rajya Sabha as the bank's brand ambassador.