South-based Karur Vysya Bank (KVB) today said it will be applying for 100 new branches in the next fiscal to meet its total business target of Rs 50,000 crore by then from the present Rs 35,000 crore.
"We will be applying to the RBI for 70-100 new branch licences in 2011-12," KVB Managing Director and Chief Executive Officer P T Kuppuswamy told reporters after the inauguration of the bank's 343rd branch here today.
By end-2010, the private lender will have 375 operational branches. Going forward, a major thrust will be on expanding footprint in north and west India, he said.
The bank has set an ambitious target of doing a total business of Rs 1,25,000 crore by 2016, its centenary year. "We plan to reach there gradually. In FY11, we will touch Rs 42,000 crore and Rs 50,000 crore by FY12," he said.
The old generation lender commissioned Boston Consulting Group (BCG) eight months ago to prepare a growth road-map. It is currently implementing interim suggestions on marketing strategies and organisational structure given by the consulting major, Kuppuswamy said.
For the current fiscal, the bank is targeting a 28 per cent surge in both credit and deposits, he said, adding CASA (current and savings account) component is also likely to go up by two per cent to 26 per cent.
