Mumbai: Indian private sector lender Ratnakar Bank plans to open about 50 branches and hire up to 500 employees in the current financial year 2012-13, The Economic Times reported citing the bank's Managing Director and CEO Vishwavir Ahuja.
Majority of the branches will be opened outside the bank's home state of Maharashtra, Ahuja said.
In the last 18 months, the bank's branch network increased to 105 from 80, helping its balance sheet size grow by three times to nearly Rs 75 billion, he said.
Further, the bank plans to open 300 branches in the next three years, he added.
Ratnakar Bank, which is currently present in five states in the country, has an employee strength of 1,400.
Earlier in 2011, Ratnakar Bank had raised Rs 7 billion from a group of investors to finance its growth.