HDFC Bank opens over 1,060 branches in semiurban and rural areas

Agenceis

Mumbai: HDFC Bank announced it has carved out Rural Banking function to penetrate deeper into Bharat. Tasked to take banking products further in the hinterland, Rural Banking will consolidate the bank's existing initiatives in this direction, and take it closer to the last mile.

Carved out of Retail Branch Banking as part of the bank’s ‘Future - Ready’ project, the Rural Banking business focuses on semi-urban and rural areas, a large part of which remains untapped.

Anil Bhavnani, has been appointed National Rural Banking Head. The Bank has at present 50 percent of its 6,342 branches in semi-urban and rural areas, and the remaining 50% in metro and urban areas. The bank also works with Village Level Entrepreneurs of Common Service Centres as an extension of the bank's branches in far-flung areas.

The Rural Banking business offers an entire bouquet of products and services in semi-urban and rural areas. Towards this, the bank will expand its distribution in the rural areas, partnered with the Institute of Rural

Management, and will build new products and services related to rural transport economy, forest economy, agri economy, and other allied activities, to focus on providing one stop shop solution to small farmers, workers, and traders.

"We are excited to take the bank's world-class products and services to the remotest corner of India," said Anil Bhavnani, Sr Executive Vice President and National Rural Banking Head, HDFC Bank.

"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 SemiUrban and Rural areas.” (KNT).