Unity Bank to open 5 new branches in Telugu States

Hyderabad: Unity Small Finance Bank Ltd, a Scheduled Commercial Bank on Monday announced the opening of five new banking branches. By end of 2024, the bank will be opening three new branches in Hyderabad and one each in Visakhapatnam and Vijayawada. To bolster growth, it will be raising capital of Rs 2,000 crore between FY25 and FY28, under the banks (promoters) commitment to the RBI.

Aiming diversification in the setting up of branches in different cities, customer profile and services, Unity Bank announced ramping up the number of banking branches from 182 to 225, and Asset offices (disbursing small business loan) to 130 from the current 100, across 19 States over the next 18 months.

“By November 1, 2024, all the offices will be converted into banking branch. By end of March 2025, we will be closing the financial year with nearly400 branches, of which regular banking branches will be at 225 and Asset branches at 130, which will be reclassified as banking outlets.

In liability side of banking we have witnessed customer growth by 15 per cent and the asset side of business is higher too. Right now the Bank serves 18 lakh customers,” said InderjitCamotra, Managing Director and CEO, Unity Bank.

The officials said that Unity Bank’s Business Banking Group has offered secured and unsecured business loans to MSMEs resulting in a book size of more than Rs 5,000 crore, of which South India has contributed Rs 2,000 crore.