Aims to add 75 branches across India
As part of its efforts to focus more on Gujarat, Bank of Maharashtra plans to add 15 new branches in the state. The bank today opened three branches in Ahmedabad at Naranpura, Satellite and Vastrapur areas.
"In addition to the three branches inaugurated today, we will be opening branches at Sanand and Surendranagar tomorrow. Over the period of next three months the bank will come up with another 11 branches in various parts of the state," said MG Sanghvi, executive director, Bank of Maharashtra.
Ahmedabad, Bharuch, Vapi, Rajkot, Bhuj and Madhapar will see new branches of Bank of Maharashtra in next three months. The bank plans to start retail asset branch in Ahmedabad soon.
Bank of Maharashtra, which is celebrating this year as its Platinum Jubilee year, aims to add 75 new branches across India to cross 1,500 mark.
At present, the bank has 1,487 branches in 22 states and 2 union territories. The bank has 16 branches in Rajasthan, which will be increases to 26 in days to come. North eastern parts of the country are also on the bank's radar, where it would double the number of branches to 14 from current 7.
As part of its expansion, the bank intends to start 10 retail asset branches in next one year. It currently operates 13 retail assets branches in India.
As far as its business in Gujarat is concerned, Sanghvi, said, "Our total business currently stands at Rs 3,300 crore in the state and we aim to have a total business of Rs 4,600 crore by the end of fiscal 2010-11".
The bank's advances in Gujarat, which stood at Rs 418 crore as on 31 March, 2008, have increased to Rs 1,590 crore by end of March 2010 and it hopes to increase advances to Rs 2,600 crore in current financial years.
In order to support its expansion, the bank plans to hire 400 officers mainly CAs and MBAs as well as 500 clerks.
