More banks rush to Ayodhya eyeing business opportunities

Ram Ki Paidi

Several public and private sector 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 inflow of visitors to the temple post-inauguration to give them a business boost.

"In view of the upcoming business opportunities in Ayodhya City, the proposal of opening a new branch is under active consideration by the Bank. A decision in this regard will be soon shared with you,” said a spokesperson for J&K Bank.

On January 11, Moneycontrol had reported that 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.

HDFC Bank, the country’s largest private sector lender, which has three branches in Ayodhya, is planning to open one more in a month and another by March. On January 1, it deployed two state-of-the-art ‘Bank on Wheels’ vans in Ayodhya. They will offer all kinds of banking services for customers and visitors arriving in the city for the consecration ceremony of the Shri Ram Temple. The ‘Bank(s) on Wheels’ will be deployed from January 17 to January 31.

temple town bankers

The vans will offer several commercial and personal banking products and services, including Cash Deposit and withdrawal facilities, Foreign Exchange among a host of other products, the bank said in its statement.

Akhilesh Kumar Roy, the lender’s Branch Banking Head – Uttar Pradesh and Uttarakhand, said, “HDFC Bank has always believed in offering its products and services keeping customer convenience as the cornerstone. This is the rationale for deploying the Bank on Wheels in Ayodhya and bringing in ease of banking to residents and tourists alike.”

A senior executive at a leading private sector bank said it is also looking to open a branch. "We already have some branches in Ayodhya; we will do this by next financial year,” said the executive, on condition of anonymity.

On January 11, Private sector lender Karnataka Bank opened its 915th branch with a mini e-lobby in Ayodhya. Anil Mishra, Trustee of Ram Janmabhoomi Teerth Kshetra, inaugurated the new branch, and Gopal Nagarakatte, Trustee of Ram Janmabhoomi Teerth Kshetra, inaugurated the mini e-lobby of the new branch.

Srikrishnan H., Managing Director and Chief Executive Officer of the bank, said, "The Bank is delighted to step into the holy city of Ayodhya, which is now on the global map. With its world-class infrastructure, Ayodhya has turned out to be a perfect destination for cultural preservation and will attract visitors from all over the world. With its 100-year-old banking legacy, Karnataka Bank will be positioned to offer world-class banking and digital services from this holy city, he said.

Many other private and public sector banks have started looking for space to open a branch in Ayodhya.

"We already have one ATM near 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 wasn’t willing to have his name published.

IndusInd Bank is planning to open four more branches in Ayodhya, said MD & CEO Sumant Kathpalia during the post earning press meet.

"We have currently one branch and we will open four more branches in Ayodhya, "he said.

Ayodhya has recorded a surge in searches on the travel platform Agoda ahead of the Ram temple inauguration. Along with Varanasi, Ayodhya is seeing 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.

Another major private sector bank, Axis Bank said that they are ramping up the ATM numbers by deploying mobile ATM vans which will be stationed at various locations in the town to take care of the surge in demand.

"Also, around 100 branch staff from other branches of UP will be engaged in cleanliness drive on Jan 20, 2023, "said spokesperson of the bank.

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.

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

Currently, the Shri Ram Janmabhoomi Teerth Kshetra Trust is accepting donations from three banks: State Bank of India, Punjab National Bank, and Bank of Baroda.