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Dhanalakshmi Bank opens its new branch in Visakhapatnam

Visakhapatnam, November 7, 2004

The Bank's Managing Director and Chief Executive Officer, TR Madhavan said on Sunday that the Dhanalakshmi Bank is increasing the total number of branches in the State from two to 13 by the end of the financial year.

Speaking to reporters, on the eve of opening of its new branch, the bank's 169th branch overall, he said that the idea was to spread in South India first although it had branches fairly widespread with a new bring being opened in Mumbai in a two of days and another in Lajapatnagar in Delhi next week. He said, five branches were already opened in the State and by the end of the year, new branches at Nellore, Tirupati, Kakinada, Eluru, Khammam and a second branch at Vijayawada.

Speaking about the performance of the bank, he said the bank had a business of Rs 3400 crores at present with deposits of over Rs 2156 crores. The would have 180 branches by the end of March next.

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