Ratnakar Bank to add 50 branches this fiscal

Ratnakar Bank is targeting to add around 50 branches this fiscal with a majority outside Maharashtra.

This will push the bank's branch network to 155.

The bank's branches have increased to 105 from 80 in the last 18 months and it is targeting to take the total number of branches to 300 in the next three years, said Ratnakar Bank managing director and chief executive Vishwavir Ahuja.

During the 18-month period, when the bank had a massive revamp, it has been able to grow its balance sheet size by three times to nearly Rs 7,500 crore, accordingto Ahuja.

In line with its strategy of expanding in other parts, only a third of the incremental branches will be in Maharashtra while the rest will be outside, bank's consumer and retail banking head Nitin Chopra said.

Ratnakar Bank, which is already present in five states, is eyeing presence in Hyderabad, Chennai, Delhi NCR and parts of Rajasthan and Gujarat.

The bank, which received an infusion of Rs 750 crore last February, will not be raising new capital for up to the next 18 months, adding its total capital adequacy stands at over 25 percent at present, Ahuja said,

It will hire up to 500 employees across the hierarchy during the fiscal to add to its current strength of 1,400, Ahuja said.

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