The uncertain macro-economic environment has failed to discourage private sector banks from expanding their branch network in the country. In fact, except State Bank of India (SBI), large government-owned banks have opened less number of branches than ICICI Bank and HDFC Bank in the last five years. State-run banks, however, continue to top the list in terms of total number of branches.
Financial inclusion agenda coupled with growing business opportunities in non-metro centres have persuaded private lenders in increasing their branch count aggressively across the country. The introduction of low-cost branches has also encouraged network expansion. Consider this: India's largest private sector lender ICICI Bank's network increased by 1,838 branches between March, 2008 and March, 2013. HDFC Bank grew its branch count by 2,301 during this period. In comparison, state-run lenders like Punjab National Bank (PNB) and Bank of Baroda opened 1,610 and 1,483 new branches, respectively.
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