Ahmedabad: Kotak Mahindra Bank on Saturday said it would expand its branch network in the country from the existing 325 to 500 over the next 18 to 24 months period, a senior official said. "We shall be increasing our branch network by 22 to 25 percent every year. The immediate target is to increase the network from the existing 325 to 500 over the next 18 to 24 months," Kotak Mahindra Bank Executive Vice President and Head Branch Banking, Virat Diwanji, told reporters here. "We shall be opening four new branches in Ahmedabad in next nine to 12 months," he said. The bank currently has 11 branches in the city. As per a RBI statement, Ahmedabad ranks seventh among the top 200 centres in the country arranged in terms of aggregate deposits at Rs 72,215 crore, showing an annual growth of 20.2 percent as on March 2011. Replying to a query on what if RBI goes in for another round of hike in key rates Diwanji said, "As a banker I would like to have lower interest rates". "But, the current situation in the economy where inflation is rising you really need to control that and one of the ways in which we in this country have done it very well is by regulating the interest rates," he added.
Zee News
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