Private lender IDFC Bank will now have its first retail branch in Jubilee Hills, Hyderabad. The bank has also planned to launch four more such branches in the city, in future.
The lender has set up a target of opening 80 branches across the country in the next six months.
The bank acquired its universal banking license in 2015 and has been emphasising mostly on the rural market. It has now planned to focus on expanding its domain to urban areas encircling Tier 1 in the initial phase and then move to Tier 2 cities like Vijayawada and Visakhapatnam gradually.
“We are the first bank to go for Aadhaar Pay and our interoperable micro-ATMs have become popular as people can make transactions including cash to any account. We have 13,000 micro-ATMs across the country and intend to take up to 25,000 or more for offering to bank at the door step,” said Avtar Monga, ED, and Amit Kumar, Head-Personal Banking.
The bank at press conference termed Hyderabad and Telangana as exciting markets with greater potential. It is serving over 24 lakh customers across 670 cities, 45,000 villages and a net profit of Rs 146.1 crore as on December 31.