Bank of Rajasthan plans 35 new branches

The Bank of Rajasthan (BoR) plans to make a pan-India presence by opening 35 more branches this year, an official said.

"This year 35 new branches would be opened across the states of Madhya Pradesh, Uttar Pradesh, Bihar and in eastern and southern regions of the country," BoR Managing Director B M Sharma said.

New branches would come up shortly at Allahabad, Hubli, Shimoga, Banaras, Kottayam, Kozhikode, Madurai, Salem, Darwad, Nizamabad and Rajamundry to mention a few, he said.

The bank has tied up with other financial lenders for providing ATM facility at around 10,000 locations, he said.

BoR has over two million customers and its deposit base exceeded Rs 10,984 crore, with advances at a level of Rs 5,820 crore, added Sharma.

BoR plans to mop up additional funds and would adopt a multi-pronged approach to expand its capital base, he said, adding that it may also accept investment from foreign agencies, since many overseas investors are evincing interest.

Currently, the net assets of the bank stands at Rs 475 crore and within the next two to three years, it plans to raise it to Rs 1,000 crore.