CSB Bank aims 30% yearly increase in branch network; focus on digital banking
- By opening new branches, the bank will look at enhancing its market outreach and catering to lending towards the MSME and agri sectors, CSB Bank said
CSB Bank on Thursday said it is expanding its footprint across India. The private sector lender aims 30% yearly rise in its branch network. The bank is working on branch expansion at the rate of 30% year-on-year, after having already clocked expansion of 101 branches during FY20-21, the South India-based bank said.
The century old lender said it will enhance customer experience with innovative digital banking solutions. CSB Bank is also working on expanding its products suite, services, and digital banking platform, with investments in technology aimed at improving customer experiences and offering them a range of products tailored to their financial needs, it said. It recently developed an application — CSB Wink — allowing customers to open accounts instantly in a remote manner.
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"We are increasing our pan India distribution, which will complement our significant distribution strength in Kerala and South and help us in offering seamless services across the country to our valued customers," said Narendra Dixit, retail head, CSB Bank.
"We are leveraging that to build a strong agri and financial inclusion model in these markets. Also, in order to enhance our existing retail and franchise offerings, we have created digital on-boarding facilities, via CSB Wink that offers digital account opening, e-wallet facilities, online FD services, virtual debit cards and will aid in higher deposit centers to provide an evenly distributed footprint," he said.
CSB Bank, one of the oldest private sector banks in India is known for its personalised service delivery to its customers. At present, the bank has 474 branches and 309 ATMs spread across 18 states and 2 Union territories.
By opening new branches, the bank will look at enhancing its market outreach and catering to lending towards the MSME and agri sectors, while also growing the CASA (current account - savings cccount) and gold loan business, the bank said.
This expansion will also facilitate corporate and NRI banking in an efficient manner, it added.
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