HDFC Bank plans to boost rural penetration; will hire 2,500 people
The bank has laid out an expansion strategy for doubling its presence in rural India over two years.
India’s largest private lender, HDFC Bank has said it plans to boost rural penetration up to twofold to reach two lakh villages. In the coming six months, it will hire 2,500 people. The bank has laid out an expansion strategy for doubling its presence in over two years. It will achieve this by setting up a combination of branch networks, business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.
The finance minister Nirmala Sitharaman had expressed her disappointments over the bank’s reach. He had asked the bank to take the necessary steps to enhance its reach.
“With the efforts, the rural reach will increase to a third of the villages in the country, HDFC Bank said.
Rahul Shukla, group head (commercial and rural banking) said, “India’s rural and semi-urban markets are underserved in credit extension. They present sustainable long-term growth opportunities for the Indian banking system.”
He also said that he aspired to the bank’s services to be there in every pin code of India.
HDFC Bank at present provides products and services to small businesses in over 550 districts. It is also one of the leading banks that provide services to micro, small and medium enterprises.