Private banks expand network faster than PSBs

Major private sector banks continued to expand branch network in the financial year ended March 2023, while public sector banks (PSB) saw a decline in number of branches.

Largest private lender HDFC Bank added nearly 1,500 branches, closing the year with over 7,800, making it the largest number of new branch additions by a scheduled commercial bank in the country.

According to Anindya Banerjee, Group CFO, ICICI Bank, the bank’s pace of branch addition picked up significantly in FY23. Of the 480 new branches during the year, 180 opened in the fourth quarter.  “We should see significantly higher branch additions next year (FY24),’‘ he said.