Federal Bank has set a target to expand its branch network to 1,000 by the end of June.
Addressing a press conference here on Friday, PC John, executive director, said on March 10, the bank would open 100 branches across the country taking the total to 938.
Home state Kerala will see the maximum number of branches — 26 —, followed by Tamil Nadu with 19 branches while 9 would come up in Punjab, 8 in Gujarat, 7 in Karnataka and 3 each in Andhra Pradesh and Assam on the same day.
With this, the branch strength in Kerala will increase to 518. In Ernakulam zone, the largest, the bank was opening three branches every month, he said. New branches in the state would be opened at Aryanad, Chalakkydy, Kannur, Kozhikode, Meenangadi, Pariyaram, Thiruvampadi, Manimala, Pala and Thodupuzha among others.
He also said the ATM network would be enhanced to 1,030 by the end of this financial year from the current 891. All the new branches will have ATM and offer services like net banking, mobile banking and life and general insurance.
The total business of the bank touched Rs 79,948.53 crore as on December 31, an increase of 22.71 per cent. Deposits increased 26.63 per cent from Rs 36,913.53 crore to Rs 46,742.46 crore while advances went up 17.59 per cent to Rs 33,206 crore (Rs 28,240 crore), he added.
