Money & Banking

Axis Bank strengthening its foothold in TN

Coimbatore | Updated on January 23, 2020

If Tamil Nadu is the second largest State in terms of economic growth, it is a crucial business geography for Axis Bank, said its President and Head, Branch Banking Ravi Narayanan.

Conceding that the economic slowdown did have an impact on the bank as well, he said “the State (TN) offers distinct possibility and opportunity, across sectors.”

The bank’s deposit growth is mainly being driven by the rural and semi-urban geographies of TN, with Coimbatore contributing to 30 per cent of the overall deposits from the State. Current account has been the fastest growing product, followed by term deposit.

“There’s been a four-fold increase in the bank’s term deposit growth when compared to the industry, over the last 12 months,” he said.

Though 80 to 85 per cent of the transactions are being conducted online, Narayanan feels that “touch and feel” would continue to play a strong role in everything that one does. “Digitisation has facilitated convenience, but it cannot enable conversation. Bots are used, but they cannot instil confidence. Customers still call up the help desk for confirmation,” he said in reply to a query.

The bank is looking to strengthen its footprint by adding more branches to its network of 345 in TN. It plans to open 3 branches in Coimbatore by March 2020.

Published on January 23, 2020

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