IDFC Bank launches its 100th branch at Honnali in Karnataka

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  • Plans new branches in metros for a balanced presence in metro, urban and rural geographies

Mumbai, October 23, 2017: IDFC Bank has crossed an important milestone with the launch of its 100th branch at Honnali, in Davanagere district of Karnataka. This coincides with the completion of the Bank’s second year of operations.

As a universal bank, IDFC Bank has, over the past two years, delivered customised solutions to individuals, merchants, small businesses and corporates. In retail, the Bank has deepened its presence in metro cities as well as the hinterland by building a contiguous network, comprising physical branches and interoperable microATMs.

Speaking on the occasion of the 100th branch launch, Dr. Rajiv Lall, Founder MD & CEO, IDFC Bank, said, “We’ve been working with a focused passion on digital inclusion, designed to bridge the growing divide between rural and urban ways of banking. Towards this, we’ve endeavoured to build a retail format with a difference – an efficient physical network with an overlay of technology, and embedded with a human touch. It’s a business model that is sustainable and can be quickly scaled up. A 100-branch build-out in two years reflects the Bank’s sense of purpose and commitment to improving customer experience across the full range of retail customer segments.”

Of the 100 branches, 17 are in the metro cities. The Bank plans to expand its branch network in the metros in the next one year, for a balanced presence in metro, urban and rural geographies. The scale-up will take the Bank’s network in metros alone to 100 branches.

The 100th branch at Honnali, will cater to the banking needs of over 150 villages located within a radius of 30-35 kilometres through doorstep banking services. Besides this, the Bank will build further reach through interoperable microATMs to provide last mile financial access. Honnali is well known for its agricultural produce, particularly arecanut and oilseeds, as well as its proximity to famous temples and places of religious significance.

IDFC Bank, which celebrates its second anniversary in October, has been delivering multi-channel, user-friendly access to customers, significantly widening the country’s digital net to include first-time users. For those who have already embraced digital, the Bank has created a digital experience that is simpler, faster and cuts through all customer journeys. The Bank’s suite of digital solutions include paperless opening of savings accounts in 4-minutes, a fully loaded mobile app, omnichannel experience, instant loans made possible by an integrated technology architecture and a 24×7 Banker-on-Call service.

IDFC Bank’s branch network offers the complete retail suite of savings accounts, time deposits and loan products, customised to the needs of individuals, small and medium businesses and professionals.  The Bank extends credit for agricultural purposes, micro-enterprises, two-wheelers, commercial vehicles, equipment hypothecation loan, personal and housing requirements, Loan against Property, and to joint liability groups.

IDFC Bank has also been in the forefront of leveraging Aadhaar-based technology for payments, customer servicing and acquisition. Partnerships with fintech companies have been established for digital lending to both retail customers as well as small businesses.

The Bank has also incorporated financial inclusion into its retail business and used technological innovations to cut the cost-to-serve customers. Its microATMs function like a Bank-in-a-Box and are part of the Bank’s digital ecosystem providing real-time services to the financially underserved, especially although not exclusively, in rural geographies. These devices weave digital banking into the day-to-day lives of citizens, serving both customers of the Bank as well as non-customers. The Bank’s products are all also designed to meet rural preferences.

The Bank’s Points-of-Presence, including micro-ATMs, branches and Aadhaar Pay payment points; have crossed 12,500, servicing 42,000 villages and 655 cities and towns in 25 states of the country. IDFC Bank has recently ramped up its network in Karnataka, Madhya Pradesh, Andhra Pradesh and Telangana, and expanded into newer geographies in Rajasthan, Gujarat, Meghalaya and Tripura.

 

About IDFC Bank

IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and microenterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. www.idfcbank.com or Twitter, Facebook and LinkedIn

 

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  1. By Chandrakala