Kerala-based private sector bank, Catholic Syrian Bank (CSB) is planning raise Rs 130 crore with its proposed rights issue next month to fund its expansion plans.
Speaking to reporters after launching core banking solution "MAARVEL" developed by Chennai-based Laser Soft Infosystems Ltd at a cost of Rs 40 crore, R Venkataraman, chairman and CEO, CSB said that the bank has applied for licence from Reserve Bank of India (RBI) to open 40 new branches.
The proposed new branches will be opened during the current fiscal.
Currently the banks has 362 branches across the country.
Meanwhile Venkataram denied speculations about Federal Bank's intention to take over of CSB.
He said currently Federal Bank currently holds 5 per cent stake in CSB.