IDFC Bank — a recent entrant into the Indian banking sector — plans to open 400 branches in the next 3-4 years, its Managing Director Rajiv Lall has said.
Three-fourths of these branches will come up in rural India, Lall said..
"We are convinced with the combination of technology and changes in regulations that this business (banking) will give us the moral purpose of delivering on financial inclusion and would also be adequately profitable", Lall said.
He was in the capital to attend a financial inclusion summit.
IDFC Bank — which got its banking licence from the Reserve Bank of India (RBI) in July — will commence operations from October 1 with 23 branches.
Of the 23 branches, as many as 15 will be located in rural Madhya Pradesh focused only on the "base of the pyramid". srivats.kr@thehindu.co.in