Private sector lender South Indian Bank is aiming to establish 60 new branches in the country this fiscal.

According to managing director & chief executive officer V. A. Joseph, the bank is awaiting approval from Reserve Bank of India to set up branches in metro cities.

RBI has already allowed banks to open branches in tier II and tier III cities without its permission.

"We want to take our branch tally to 700 by March 2012," Mr Joseph said.

Its ATM count would reach to 629 by fiscal end. So far the bank has set up 2 new branches in this financial year.

"We hope to complete the fund raising exercise by September 2011," Mr Joseph said.