Buoyed by 21 per cent growth in its SME portfolio and retail assets touching Rs 6,000 cr (Rs 60 billion) in Odisha, Axis Bank today announced plan for major expansion by opening around 20 new branches in the state in a year.
“Axis Bank has strong presence in Odisha with network of 109 branches and 20 new branches will be opened within a year as we see a strong potential in the state,” Sidharth Rath, President — Treasury, (Business Banking & Capital Markets) of Axis Bank said here.
Stating that Eastern region is set to emerge as among the leading destinations for SME & Retail Banking in next three years, Rath said the bank’s SME portfolio has grown by 24 per cent in East and 21 per cent in Odisha.
Besides 109 branchs, Axis Bank has 2 Asset Service Centres, 431 ATMs and 16 Cash Deposit Machines spread over 30 districts of the state.
Over 69 per cent of these branches are located in under—banked districts, as defined by the RBI, he said adding bank’s focus is on rural and semi—urban areas.
The bank has seen significant rise in business across products — Savings Account balance has grown to Rs 35,000 cr (Rs 350 billion), Retail Term Deposits to Rs 25,000 cr (Rs 250 billion) and Retail Assets Outstanding to Rs 6,000 cr (Rs 60 billion), as of December 2014, Rath said.