Reported by: banking|Updated: March 1, 2017
Four senior bankers in charge of Gujarat talk about the major sectors that are 24 proving to be growth drivers in the state:
One of India’s most industrialized states, Gujarat is home to a variety of industries including engineering and auto manufacturing, food and agri-business, textiles, gems and jewelry, mineral and mining and ports and shipbuilding. Some of the other important industries in the state include chemicals and petrochemicals, pharmaceuticals and tourism, with nearly 30% of India’s petrochemicals business is conducted in Gujarat, while those of chemicals and pharmaceuticals account for almost 50%.
At the end of 2nd quarter, the total number of branches and ATMs of Bank of Baroda operational in Gujarat are 1008 and 1733 respectively, which accounts to 19% of the national statistics. R.N. Sharma, Zonal Head for Ahmedabad Zone, adds: “We plan to add another 100 branches and 14 ATMs to this count before the end of this fiscal. A target of additional 100 branches and 200 ATMs is set for the next financial year which will include not only the regular branches and ATMs but also Express Lobbies and e-Lobbies.”
648 branches and 546 ATMs of Dena Bank are operating in the state of Gujarat as of Q3, 2016-17. Vikramaditya Singh Khichi, Field General Manager, says: “Dena Bank, whose visionary founders hailed from Gujarat, has its major presence in the state and around 35% of the total branches and 36% of the total ATMs, are located in the state.”
Gujarat is a key focus state for YES Bank too. Currently, YES Bank has over 75 branches in Gujarat with an ATM network of over 135 ATMs and Bunch Note Acceptors (BNAs). Overall, as on December 31, 2016, YES Bank has a pan India branch footprint of 964 branches and 1757 ATMS and BNAs. Manish Vora, Senior President & CEO, IFSC Banking Unit, says: “The plan for the bank is to expand this footprint as we continue our growth and build a robust branch network. We expect to have close to 200 branches in Gujarat in the next 5 years.”