Eyeing business opportunities, banks look to expand in Ayodhya

Ram Mandir inauguration: Currently, the Shri Ram Janmabhoomi Teerth Kshetra Trust is accepting donations from three banks i.e., State Bank of India (SBI), Punjab National Bank(PNB), and Bank of Baroda (BOB).

At least two state-run banks are now looking to expand their physical presence near the Ram Janmabhoomi in Ayodhya and open ATMs or branches to cash in on the expected rise in business associated with the inauguration of the Ram temple. Banks expect the expected inflow of visitors to the temple post the inauguration to give them a business boost.

"We are seeing good business opportunities there as lots of tourists and pilgrims will come in the near future to see the historic Ayodhya temple,” said a state-run bank chief, who did not want to be identified.

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“We will soon open our branch,” said a senior executive from another public sector bank, who also was not willing to be quoted by name.

Ayodhya has recorded a surge in searches on the travel platform Agoda ahead of the Ram temple inauguration. Along with Varanasi, Ayodhya is seeing an increase of close to five times more searches for check-in on January 20, 21 and 22, as compared to the year before, according to data by Agoda, an online travel agency.

Further, there has been a six-fold increase in searches for Ayodhya airport compared to the first half of December, noted Gaurav Patwari, VP, Air Category, Cleartrip.

"We already have one of the ATMs nearby that area and have already opened. And for a branch, our Zonal team is looking for premises. Once premises are available we will open a branch,” said another senior bank executive, who also wasn’t willing to have his name published.

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The historic consecration ceremony of the temple is scheduled for January 22, and Prime Minister Narendra Modi, Uttar Pradesh Chief Minister Yogi Adityanath, and more than 6,000 people are expected to attend it.

Another senior executive at a bank, again seeking anonymity, said, "We have branches in Ayodhya. Moreover, we have a regional office in Ayodhya, but expect to get good traction and increase in business after this."

Currently, the Shri Ram Janmabhoomi Teerth Kshetra Trust is accepting donations from three banks i.e., State Bank of India (SBI), Punjab National Bank(PNB), and Bank of Baroda (BOB).

Online travel aggregator Ixigo’s data shows more than a 100 percent increase in domestic flight searches week on week for Ayodhya since the launch of the new airport and more than a 60 percent week-on-week increase in train travel searches.

"In 2023, we saw a surge in demand for cultural and spiritual hubs like Varanasi and Prayagraj, which were the most searched spiritual hubs for travel last year and we expect to see a similar surge in travel demand close to the Ayodhya temple inauguration,” said Aloke Bajpai, Co-founder & Group CEO, Ixigo.