The highly growing digital transactions has alleviated the dependence on physical banks. Thus, to regain its influence, the banks started to open branches in different cities of India.
HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are set to open new branches to exercise their progress in the coming years. Around 600 branches, both in semi-urban and rural areas will be opened by FY 2024 by HDFC, while ICICI will open 500 new branches in the new fiscal year.
The merger-bound bank HDFC has taken its total branches to 1479 by adding 683 new branches during the March quarter. In FY24, they expect to grow at this speed like the previous year’s, assumed by the CFO of HDFC Bank.
Kotak Mahindra Bank has declared to open 150 branches all over the fiscal year. It has expanded its arms from 5 states in 2022 to 10 states in 2023. Their focus on metros will be proportionately higher.
Overall, it is expected the expansion can regain the trust of people in physical banks to quite an extent. Therefore, the Banks have measured developing their network to match the race between vicinity among people.