IDBI Bank on Thursday opened its first Currency Chest for the Eastern region at Kolkata and said it will open 28 more branches in urban as well as semi-urban areas during the next six months as part of its multi-pronged aggressive expansion plans.
The bank, however, ruled out the possibility of reverse merger of IDBI with itself.
"We had recently raised Tier-II capital, which helped in improving our Capital Adequacy Ratio to above 10 per cent and I don't see any possibility of merger of IDBI with ourselves even though there were some talks going on in this connection," IDBI Bank CEO and managing director G V Nageswara Rao said.
Rao said the bank was looking at all round expansion in terms of products and services as well as branches and the opening up of Currency Chest was an addition to their service network in the region.
He said the bank, which has at present 92 branches and seven extension counters, has planned its new branch network in urban as well as semi-urban areas.
"Of the total 28 branches planned during the next six months, nine each will be in the West Zone and North Zone, 7 in South Zone and three branches in the East," Rao said.
The bank, which covers 69 cities now, will make its presence felt in 87 cities once the current expansion plan is completed in the next six months.
The bank has at present 298 ATMs throughout the country.
About expansion drive, Rao said their latest initiative covered Tier-III markets like Moradabad, Panipat and Bikaner in the north, Kolhapur and Nashik in the west, Erode, Tirupur, Kakinada and Rajahmundry in the south and Gangtok and Guwahati in the east.
Branches in Delhi and Mumbai would also be increased, he said.
IDBI Bank, which had raised Rs 130 crore (Rs 1.3 billion) as Tier-II capital to power drive its expansion plans, had recorded a growth of 86 per cent in profit after tax at Rs 132.50 crore (Rs 1.32 billion) as on March, 2004 while deposits registered an overall growth of 67 per cent.
© 2026