Dena Bank plans to open 65 new branches by March-end

Tags: Dena Bank, News
State-run Dena Bank plans to add 65 branches to its network by March-end, a top official said today.

"By the year-end we should have opened 150-175 branches. 90 branches have already been opened till December," its Chairman and Managing Director Ashwani Kumar told reporters here today.

Kumar said branches to be opened will be spread across urban and rural areas and in all geographies.

The bank had a network of 1,509 branches and 770 automated teller machines as of September 30, 2013.

He said the bank was planning to open around 200 branches every year.

Kumar also endorsed the view that the cost of operating an ATM will increase because of the additional security measures initiated at such outlets following the Bangalore attack, and said those costs have to be recovered.

"If the cost goes up it has to be recovered. How do you recover that has to be worked out," he said.

With the NPAs in the system growing, he said the bank has been focusing on the recovery front, especially on wilful defaulters.

When asked about the benefit to the bank from a second round of recapitalisation of state-run banks for their lending in the consumer durables space, a senior bank officer said Dena Bank may get nearly Rs 250 crore.

A media report this morning said the Ministry of Finance was contemplating infusion of additional capital of up to 10 per cent for the lending done by the banks under the 'funding for lending' scheme, wherein the government made banks reduce rates on consumer durable and 2-wheeler loans to boost the sagging growth and get additional capital infusions.

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