Development Credit Bank plans 75 new branches by 2010

Development Credit Bank Ltd (DCB), one of the fast emerging private sector banks in India, is planning to open 75 new branches in major cities across the country by the year 2010.

"As part of our expansion, we are planning to open 75 new branches at major locations across the country by 2010 and that will take our total number of branches to 150. We have already applied to the Reserve Bank of India for the opening of 50 new branches," Gautam Vir, managing director & CEO, Development Credit Bank, told Business Standard.

Meanwhile, the DCB opened its 80th branch at Nashik. It aims to cater to the local trading community, small and medium enterprises, self-employed professionals and midsize corporates along with resident individuals in the city.

At present, the bank has a network of 80 branches and 18,000 ATMs (ATMs in shared network).

It currently services a customer base of 5 million. The net profit for the first half-year ended September 30, 2007 was up 304 per cent rise to Rs 20.23 crore, as compared with the corresponding period last last fiscal year.