It is not uncommon for people to visit a beauty parlour for a hair-do or facial before attending the wedding of a friend or relative. Soon, a few of them may also visit the branch of State Bank of Patiala (SBP) to ready themselves to attend some such events.

No, SBP is not running a beauty clinic. It is looking to provide some benefits of the parlour along with a safe deposit locker.

The bank, as part of its business strategy, is planning to open an exclusive locker branch.

The demand for lockers from HNIs (high net worth individuals) in a place like Mumbai has made the bank look in this direction, said Managing Director SA Ramesh Rangan.

In the pilot phase, the bank is proposing to open one such branch at Mumbai.

This is expected to become operational by end-July. “We have identified three locations between Santa Cruz and Bandra and hope to close in on one within the next week to 10 days,” Ramesh Rangan told Business Line .

Asked the need for an exclusive locker branch, he said: “A branch at best will have 200-300 lockers. But we are planning to have 15,000 lockers in this exclusive locker branch.”

“It would be open all seven days of the week, and between 7 am and 10 pm. Besides the safety vault room, this branch would also have a lounge, washroom and dressing room, so customers can walk in, dress and leave for the event straightaway.

“They will also be able to drop in on the way back to keep their jewels in the safety locker. We will provide security round the clock,” he said.

The bank foresees an expansion in its customer base too as a result of this initiative. On the locker rentals at this proposed branch, he said, “It will be at a premium”.

The bank plans to roll out a couple of locker branches at Delhi and Chennai, albeit at a later date.

Related Topics
comment COMMENT NOW