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2012-06-07

Allahabad Bank to open 250 branches

Allahabad Bank plans to open 250 branches this year, significantly more than the 100 branches opened during the last fiscal.

Allahabad Bank plans to open 250 branches this year, significantly more than the 100 branches opened during the last fiscal.

“With over 2,500 branches across the country, our focus now is to ensure that we are seen as a pan-India bank,” T.R. Chawla, Executive Director, Allahabad Bank, told reporters on the sidelines of the Global Investors' Meet 2012 in Bangalore on Wednesday.

Allahabad Bank is also aggressively going for customer acquisition and “we are also providing the technology-based products to all customers,” said Mr Chawla.

The bank saw an 18 per cent growth in advances last fiscal, and this year, the focus would be on SME, agriculture and retail sectors for lending. However, “we have no appetite for power and steel, and we are selective on lending to the textile sector,” said Chawla.

On whether the SME sector was impacted due to the rupee depreciation and the uncertain global economic scenario, he said that SMEs have been facing delays in payments from their clients, but “since about 75 per cent of their exposure has been covered, they are not impacted much. If at all, they are experiencing a slowness.”

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