State-run, Allahabad Bank is all set to increase its presence in the southern part of India and has planned to open 24 branches in the region during the current fiscal.

The Bank's CMD K.R. Kamath at the inauguration of 44th zonal office in the country informed that the bank will set 24 branches in four southern states including Tamil Nadu, Andhra Pradesh, Kerala and Karnataka. Out of the 24 branches, 9 will open in Tamil Nadu, 6 each in Andhra Pradesh and Karnataka and the remaining 3 in Kerala.

Talking about the bank's development, Mr Kamath informed that the high cost deposits have been reduced from 28% of the total deposit to 17% during the current fiscal. These deposits have been lowered to Rs 15,000 from Rs 20,000 earlier.

The CMD further said that the credit off take target for the fiscal is seen on the track and the bank is likely to report year-on-year growth of 20% in the fiscal.

At the same time, the bank also has plans to hire 2,000 more employees during the fiscal. He said that they will recruit 1,000 clerical staff and 1,000 officers.

Also, Allahabad Bank has plans to raise Rs 1,000 crore through bonds by this month end. Out of total amount, the bank intends to raise Rs 900 crore through tier-II bonds and Rs 100 crore through tier-I bonds.