HDFC Bank stated on Thursday that it’ll open 1,060 branches in semi-urban and rural areas within the present monetary 12 months. The financial institution has created a separate rural banking vertical with the intention to meet this push within the rural areas, the lender stated.
The rural banking vertical will broaden the financial institution’s distribution within the rural areas, will enter strategic partnerships with exterior entities, launch new services and products which can meet the wants of its rural prospects and supply a one-stop store answer to farmers and encourage monetary literacy.
The financial institution has partnered with the Institute of Rural Management based mostly in Anand, Gujarat, to create ‘Rural First’ technique to trace shopper behaviour, buyer satisfaction, service design, and repair supply. It will deal with providers associated to rural transport economic system, forest economic system, agricultural economic system and different allied actions.
Currently, the financial institution has 3,171 branches of its 6,342 branches in semi-urban and rural areas and the remaining 50% in metro and concrete areas. Last month, HDFC Bank had stated that it’ll open 150 branches in Uttar Pradesh alone. In the monetary 12 months ended March 2021, the financial institution’s advances to agriculture and allied actions rose by virtually 11% to `94,977 crore, as per info within the financial institution’s annual report for the 12 months.
“This is both a challenge and an opportunity and I am very excited to take this up. For many years now, the bank had 50% of its branches in semi-urban and rural areas. With this enhanced focus, we will open more branches this financial year in semi-urban and rural areas. While branches are touch-points, we are working on meeting rural needs holistically, by creating products specially designed for these markets,” Anil Bhavnani, senior govt vice-president and nationwide rural banking head, HDFC Bank, stated.
Source: www.financialexpress.com”