IDBI Bank on Monday opened its new Zonal office in Bhopal at Center Point Complex, TT Nagar area. This Zone has been set up to oversee the operations of IDBI Bank’s 103 branches spread across Madhya Pradesh, with regional offices at Bhopal, Indore, Jabalpur and Gwalior. Opening of this new Zonal office is aligned to IDBI Bank’s expansion plans in retail business.
In Madhya Pradesh, IDBI Bank has witnessed significant growth in its retail advances. Considering that Madhya Pradesh is the second largest state, with an immense potential in the Retail, Agriculture, and MSME segments, the Bank has decided to expand its presence in the state of Madhya Pradesh. IDBI Bank has seen good demand for consumer loans from Tier 1, 2 and 3 cities. The Bank intends to expand its pan India reach to strengthen its retail customer base.
In Madhya Pradesh alone, IDBI Bank plans to add more than 1 Lakh new customers and achieve loan book growth of 15 - 20% in next one year.
On the opening of the new Zonal office in Bhopal, Suresh Khatanhar, DMD, IDBI Bank, said, “This initiative is in alignment with our overall retail-led growth strategy of offering value added products with technologically superior services to our customers. Considering the potential this state offers and that economic activities are gaining momentum, we expect very good business from this zone in coming years.”