About 300 branches of PSU banks to be opened in these states by Dec 2022

About 300 branches of PSU banks to be opened in these states by Dec 2022

About 300 brick-and-mortar branches of public sector banks will be opened in the unbanked areas of various states by December 2022, according to sources as quoted by the news agency PTI. These new branches will cover all remaining villages with a population of more than 3,000 which do not have financial institutes.

Among these 300 new branches, the maximum number of PSU banks will be opened in Rajasthan with 95 branches, followed by 54 in Madhya Pradesh, 38 in Gujarat, 33 in Maharashtra, 32 in Jharkhand, and 31 in Uttar Pradesh.

The progress of opening new PSU bank branches was reviewed in a recent meeting of heads of public sector banks with the Financial Services Secretary last month.

Sources, as quoted by PTI, reported that banks have been directed to open branches at allocated locations by the respective State Level Bankers’ Committee (SLBC) by December 2022.

The agency stated that the Bank of Baroda will open 76 branches, and the State Bank of India will open 60 branches in various states of the country by the end of this year.

HDFC bank to open 207 branches in Maharashtra

Private sector lender HDFC Bank has also announced plans to open 207 branches and 80 smart banking lobbies in Maharashtra this financial year. As a part of its expansion plans, it will create around 3,000 employment opportunities in the state with new branches and banking lobbies.

The bank said 90 of the new branches will be in metro and urban areas, while the remaining will be in semi-urban and rural pockets.

Abhishek Deshmukh, HDFC’s branch banking head for the state of Maharashtra said that the credit to deposit ratio is over 100 per cent in 29 districts of the state.

At present, there are 709 branches of the bank along with 3,200 ATMs across 280 talukas spread in all 29 districts of the state. The bank also has 1,375 business correspondents, and 15,116 business facilitators in the state.

In terms of business, the total advances of the bank in the state stood at 3,28,508 crore as of March 31, 2022. On same date, the deposits were at 4,35,604 crore, giving it a 13 per cent market share from an overall business perspective.

 

(With PTI inputs)

 

 

 

 

 

 

 

 

 

 

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