Allahabad Bank opens Karkala branch

Speaking at the inauguration of branch at Karkala, he said the Bank will open its next branch at Madikere shortly and has plans to open 10 more branches in the State within next five months. The RBI has granted permission to open 155 branches this fiscal year, he informed.

The Bank has planned for 25 per cent growth in business to reach Rs  2,80,000 crore and to increase the number of branches to 2,570 and 500 ATMs within the financial year.

The Bank has envisaged to cross Rs 4 lakh crore total business, to increase the number of branches to 3,000 and to open 2,000 ATMs within next 3 years. The Bank has plans to open more branches overseas which include one branch each at Singapore,
Shanghai, Dhaka (Bangladesh) and Kowloon (Hong Kong).

Allahabad Bank Executive Director M R Nayak said the bank’s foray into Karnataka in a sustained manner could be explained by the fact that the average business per branch in the state is around Rs 125 crore. The bank’s total deposits in the state is around Rs 3,400 crore and advances to the tune of Rs 1,800 crore, he said.

He added that people associating with the bank would find a reliable partner to carry out their trade and commerce anywhere in India, specially North and North-East India.