IDBI Bank plans to add 100 ATMs more this fiscal

IDBI Bank is planning to add 100 ATMs during this financial year. "At present, we have 297 ATMs across the country, and we are going to increase it by another 100.

The bank shares the ATM network with other banks like City bank, Standard Chartered Bank, Andhra Bank, Corporation Bank; our customers have now access to around 3000 ATMs across the country," G V Nageswara Rao, the managing director and CEO of IDBI Bank, said here.

The bank has decided to open 28 new branches in the country within three months from now. Of them two new branches will come up at Rajahmundry and Kakinada in the state.

At present, the bank has 92 branches and 7 extension counters across the country, Rao said The bank, which covers 69 cities, will make its presence felt in 87 cities once the current expansion plan is completed.

"During the financial year 2003-04, the bank recorded a growth of 86 per cent in net profits at Rs 132.5 crore and during the current year also the bank is expecting same level of growth. The bank is are anticipating 40 per cent growth in deposits during this fiscal," he said.

The bank raised Rs 150 crore through IPO in November last and there is not any proposal to go for another IPO in the immediate future, he replied to a query.

Rao said that IDBI Bank was the first bank in the country to introduce the new technology in the banking sector like anywhere banking, internet banking, banking through mobile phone, pre-paid cell recharge through ATMs.

"IDBI is now on the way to introduce the second level of technology. In this direction, we have developed an electronic data interchange (EDI) payment mechanism for the benefit of Visakhapatnam port and its customers. IDBI Bank is the first bank to provide such facility in the Visakhapatnam," he said.