Karur Vysya to open 10 more branches

Karur Vysya Bank Ltd (KVB) expects to open 10 more branches during the current fiscal. The bank also plans to launch internet and mobile banking by the first week of August.

Addressing a press conference on the tie-up with Visa Cards, P T Kuppuswamy, chairman, KVB, said that the bank has obtained the license from the Reserve Bank of India to open 10 more branches. It takes about Rs 12 lakh to set up a branch along with an ATM.

At present, KVB has 254 branches and 156 ATMs across the country predominantly in south India.

"There are over 27 million visa credit and debit cards in India. This offers a good opportunity for generating fee-based income for the bank. It will also serve as an additional advantage as it will lead to lesser maintenance cost with the increase in the usage of ATMs," he added.

The tie-up with Visa will offer customers of any bank and foreign travellers using credit cards, smart cards or ATM cards on Visa platform to access any KVB ATM.

Gagan Maini, director - marketing and business development- South Asia, Visa International, said that ATMs are important relationship management tools for banks today and fulfil both the need for connectivity and accessibility.