South India-based bank, Karur Vyasa Bank (KVB) said n Wednesday that it will be going for expansion. This will include applying for 100 new branches during the next fiscal year.

The target that it has set up for next year is rupees 50,000 crore as against rupees 35,000 crore at present. The information was given by an important official of the bank.

During the inauguration of the 343rd branch of the bank, its CEO, P T Kuppuswamy said to media that they have already put their application in front of RBI for another 70-100 branch licenses.

With the current branch, KVB will be having 375 branches with it by the end of 2010. And as against its current position it will be expanding itself in north and west part of India.

Kuppuswamy also added that the target for now is to have a total business of rupees 125,000 crore by 2016, which will be the centenary year.

But the bank is not in any kind of hurry and wants to achieve the target gradually but surely. It has hired Boston Consulting Group (BCG) as the consultant group.