Dhanalakshmi Bank to raise Rs.4 bn, open 80 new branches

March 18th, 2009 - 3:11 pm ICT by IANS  

Thiruvananthapuram, March 18 (IANS) Kerala-based Dhanalakshmi Bank will soon open 80 new branches across the country and raise Rs.4 billion (Rs.400 crore) in the next fiscal, a top official said here.
At present, the 81-year-old bank has 174 branches in the country, of which 130 are in Kerala.

“For a pan-India presence, we have to be there in every state and that is our aim. Now we are awaiting the sanction from the Reserve Bank of India,” bank chairman and chief executive Amitabh Chaturvedi told reporters.

“We have got the clearance for raising Rs.400 crore in the next financial year and we are in talks with banks and insurance companies for the issue of bonds to meet this target,” he added.

Chaturvedi, who took over the reins of the bank last year, added that the bank would increase its staff strength from 1,400 to 2,400 shortly.

“By 2014, we will be among the top five private sector banks in the country. This is the right time to build an institution, and we are doing that,” he said.

At the end of the fiscal the bank expects to touch a total deposit base of Rs.50 billion, while the total advances extended will likely cross Rs.33 billion.

Dhanalakshmi is the banker of several leading temples in the state like the Sree Krishna temple in Guruvayoor, the Sabarimala temple in Pathanamthitta and the Attukal temple here.

However, the bank, unlike its competitors, is not appointing any brand ambassador to promote its services.

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