Mumbai: Indian banks are increasingly pruning their physical branches with a good number of them shifting to digital-only formats. Another state-run lender, Bank of Baroda, is currently experimenting on a similar format.Private sector lender Kotak Mahindra Bank has so far opened half a dozen e-lobbies and more than eight digital branches. “Kotak has already opened 4 -5 digital branches and plans to double this count by the year end. So we, as a bank, are focused on that,“ said Anup Bagchi, head of retail banking at ICICI Bank . “Eventually , we are shifting all customers to mobile (phones) which they carry 24x7.Most of our branches have digital kiosks and customers prefer to carry out transactions on them if they feel comfortable.“

Source: Economic Times October 24, 2017 03:56 UTC