Bank of Baroda to open 400 new branches

Bank of Baroda to open 400 new branches

In a bid to increase its presence across India, the country’s second largest bank, Bank of Baroda is planning to open 400 new branches by next fiscal year, a top bank official said.

According to Bank of Baroda Executive Director Ranjan Dhawan, “The bank will open 400 branches across India to take the total to 5,400. In South Zone (Karnataka, Andhra Pradesh and Telangana has 271 branches and 65 branches will be added by nextfiscal.”

For customers’ convenience, the bank will open 200 ATMs in Karnataka to take the total count to 365. Dhawan was in the City to inaugurate e-lobby to enhance the banking services to its customers at BTM Layout. An e-lobby is a mini branch, where customers can carry out basic banking services such as cash withdrawal, cash and cheque deposits, bulk note acceptor, passbook printing, Internet and phone banking on their own.

The bank is also developing new model “ digital banking” for its customers, which is an advanced model of existing e-lobbies with touchscreen and user interface. This service will be available at select locations in the country with focus on providing fully automated banking experience without human intervention.

With moderation in inflation, there is widespread expectation that RBI will cut interest rates in its upcoming bimonthly monetary policy.

“As per industry trends, we are not expecting a cut in interest rates from RBI... but RBI will take the final call,” Dhawan added.

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