IDBI Bank is aiming to double its client base to 10 million (one crore) customers in the next 12 months by pursuing an aggressive expansion plan. In the next one year, the bank is planning to open around 260 branches and set up 500 automated teller machines (ATMs).
"We already have the approval of opening 282 branches, of which around 30 we have already opened. Going forward, we plan to open 250-260 branches in the next 12 months," said RK Bansal, executive director and group head (retail banking).
After the expansion, IDBI Bank's total branch count will cross the 1,000-mark.
"The expansion will help us to take our client base to one crore from the current base of 50 lakh customers," Bansal said. Furthermore, in the next three years, the bank is planning to open 1,500-2,000 branches.
One of the main objectives behind the expansion plan is to increase its CASA (Current Account-Saving Account) ratio, which is at a comparatively low level at 14 per cent, as the bank entered the retail banking space late. "We plan to take our CASA ratio to 22 per cent in the next one year," said Bansal.