 "Kotak Mahindra Bank to expand branch network in UP")
New age banker Kotak Mahindra Bank has identified Uttar Pradesh as a key growth area and targets to expand its branch network by over 30% in the state.
At present, the Bank has 20 branches in UP and it aims to open 6-8 new branches here.
“We are focussed on UP and stay committed to increasing our branch network in the state,” Kotak Mahindra Bank executive vice president Mahesh Balasubramanian told the media here.
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He said the Bank expected the growth momentum in UP to remain on strong footing. It has a customer base of over a lakh in UP and gets almost 5% of its business from the state.
“Our Current and Savings Accounts (CASA) deposits are comparatively higher in UP compared to other regions,” he later told Business Standard.
Meanwhile, he said the Bank was looking at strengthening agricultural credit portfolio in UP. “We have launched our branches in Bijnore and Mathura, which are basically agrarian belts,” he added.
Balasubramanian was in town to launch ‘Kotak Junior’, which is a specially designed savings bank account for children aimed to inculcating savings habit in them. Although a separate account, ‘Kotak Junior’ is linked to a regular account of the guardian’s account.
The Bank has also launched a 10-year recurring deposit for providing a long term financial savings programme for children.
Through ‘Kotak Junior’, parents could deposit money at regular savings; invest those in recurring deposits and even have a systemic investment plan (SI{P) into mutual funds.
Pan India, the Bank is planning to have a total 550 branch network by March 2014. The bank has a customer base of about 2 million in India.