Indian Bank will open over 100 branches

The public sector Indian Bank will open over 100 branches this year. Announcing this at a media conference here on Monday, executive director of the bank and chairman of Indbank Merchant Banking Services Ltd. A. Subramanian said this was in keeping with last year’s trend when the bank opened as many as 101 new branches. “ We have no problem with the RBI which readily gave the licences last year. This year also we have 45 licences already and would get another 60,” he disclosed.

Asked how many of the new branches would be located in Andhra Pradesh, he said 670 of the 1,652 branches were in Tamil Nadu and Andhra Pradesh came next with over 215 branches. The bank did business to the tune of Rs.1.25 lakh crores last year and this year’s target would be 20 per cent over that performance.

Earlier, Mr. Subramanian opened a new branch of the Visakhapatnam branch of Indbank Merchant Banking Services Ltd., a subsidiary of Indian Bank in the city which was the 20th such branch office in the country and launched indbankonline stock trading point. There were plans to open 10 more branches in the main locations across the country, he said. The Indbank provides merchant banking and advisory, stock broking, demat services and distribution of mutual fund and other investment products. It also provides services such as management of public, rights issue, offer for sale – both equity and debt issues, corporate advisory services, merges and acquisitions, loan syndication, project counselling, appraisal and feasibility studies, etc.

Giving a presentation, vice-president of the Indbank from Hyderbad K. Sridhar said for availing trading facility, the customer had to open a net banking account and demat account with Indian Bank and online trading account with Indbank. This would enable the customer to trade from any where under the internet based trading system. This would benefit all customers of the bank as they are covered under core banking solutions.

President and whole time director of Indbank P.N. Patel welcomed the gathering. Assistant General Manager and Circle Head of Indian Bank G. Sudhakar, was present.