Tamil Nadu is crucial business geography for Axis Bank, says official

Coimbatore: Private sector Axis Bank has plans to open three more branches in Tamil Nadu by March this year as it considered the state crucial business geography, a top official said on Thursday. As of December last year, the bank has 345 branches and 1,504 ATMs in the state.

In the current financial year, the bank has opened 13 branches and plans to open three more branches by March 2020, Axis Bank President and Head Branch Banking Ravi Narayanan told reporters here.

The bank had 177 branches and 126 ATMs in this industrial city which was the biggest market for it in Tamil Nadu in terms of both deposits and credits, accounting for around 30 per cent of total deposits in the state, he said.

He added that Tamil Nadu was crucial business geography for Axis Bank and its deposits growth was mainly driven by the rural and semi-urban geography of the state. "In terms of growth, Current Account was the fastest-growing product across Tamil Nadu and Coimbatore, followed by Term Deposit," he said.

Narayanan said the bank's recently launched private banking platform "Burgundy Private", aiming to cater to high ultra-high net worth segments of its customer, will bring together the combined expertise of the Axis Group to cater to the distinct and advanced wealth needs of these segments.