IDBI plans to expand its retail operations in India, it has been reported.
Increasing its branch network, current and saving accounts and loans are among the plans for the bank, announced by incoming managing director Shri Raghaven.
Go deeper with GlobalData
Raghaven joined IDBI on 5 July from an executive position at the Bank of India, and said he hopes to transform the bank from a lending-focused institution to universal banking. "One issue is a lack of current accounts and savings accounts, as we never had that kind of branch network," he said.
He said the bank, which is the ninth largest in India by assets, should aim to open 3,000 branches across India. "We have 1,112 branches, which is woefully inadequate," he said.
"We can move the share of retail from 7-8% to 10%," Raghaven added, announcing plans to take IDBI’s retail share to 25% in the next three to four years.
Raghavan was speaking to the Times of India.
Related articles:
Vodafone and ICICI Bank continue roll out of M-Pesa in India
India’s Axis Bank opens retail banking subsidiary in UK
IDBI launches Magic Card: combined debit and credit card
HDFC Bank offers credit cards in rural India
