Mumbai, March 20, 2007: Development
Credit Bank Ltd. (DCB), one of the emerging
private sector banks in India, has received
approval from Reserve Bank of India (RBI) to
expand its business through opening of eight
new branches in metro, urban, semi-urban and
rural parts of India. The Bank will be setting
up these branches in the next six months. The
number of branches will increase to 75 from
the existing 67 branches and 5 extension counters.
Mr. Gautam Vir, Managing director and CEO,
DCB said, “We are extremely happy with
this development. We are on a take-off stage
and envisage tremendous growth. The permission
to set up 8 new branches is timely as it will
help us to achieve our business goals. We are
looking at expanding our national footprint
and strengthening our presence in the key markets.”
Mr. Vir further added, “The locations
of these new branches will be selected with
a view to increase financial inclusion and keeping
in mind our focus on the SME, Agri, priority
sector and micro finance. We are a customer
oriented bank and setting up of new branches
will certainly prove advantageous to our customers
who can avail from the vast range of products
and services offered by DCB.”
DCB currently services a customer base of
more than 500,000.
DCB is a private sector bank in India having
access to over 18,000 ATMs and 72 state-of-the-art
branches and extension counters spread over nine
States and two Union Territories.
