HDFC Bank to double rural presence, rent 2,500

HDFC Bank on Sunday mentioned it’s planning to double its attain to 2 lakh villages within the subsequent 18-24 months and rent 2,500 folks extra within the subsequent 6 months.
“The bank plans this expansion through a combination of branch network, business correspondents, business facilitators, CSC partners, virtual relationship management and digital outreach platforms,” the financial institution mentioned. This will enhance its rural outreach to a few third of the nation’s villages.
HDFC Bank at present presents its services to MSMEs in over 550 districts. Its rural banking companies lengthen to 1,00,000 villages. The non-public sector lender mentioned it goals to double this to 2,00,000 villages and as a part of this plan, it plans to rent 2,500 folks extra within the subsequent 6 months.

On the agricultural enlargement technique, Rahul Shukla, group head—industrial and rural banking, HDFC Bank, mentioned, “India’s rural and semi-urban markets are under-served in credit extension. They present sustainable long-term growth opportunities for the Indian banking system.”