aIndian private lender Dhanlaxmi Bank said it does not plan to shut down branches or shrink operations, but has initiated steps, including salary cuts, to control costs as it grapples with pressured margins.
“We have no plans to shutdown any of our branches. We want to grow,” PG Jayakumar, the bank’s chief executive, told reporters.
The small-sized bank also plans to surrender excess real estate in metros and major cities. Last week, the Economic Times newspaper reported that the bank plans to shut 30 branches in major cities as part of a revival plan.