Axis Bank expanding branches to raise more deposits Deputy MD Rajiv Anand

Axis Bank is expanding its branch network to bolster deposits, with 125 branches added in the last quarter of FY23-24, bringing the total to 475 for the year. Following the acquisition of Citibank India’s consumer banking business in March 2023, the bank has leveraged increased salary accounts to boost deposit mobilization.

RBI Governor Shaktikanta Das highlighted the disparity between credit and deposit growth rates in his June 7 monetary policy statement, urging banks to recalibrate business strategies for better liquidity management. Deposit growth stood at 12.2% year-on-year till May 31, surpassing credit growth at 16.1%, excluding the HDFC merger impact.