September 27, 2021 3:45:01 am
HDFC Bank on Sunday said it is planning to double its reach to two lakh villages in the next 18-24 months and hire 2,500 people more in the next 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 bank said. This will increase its rural outreach to about a third of the country’s villages.
HDFC Bank currently offers its products and services to MSMEs in over 550 districts. Its rural banking services extend to 1,00,000 villages. The private sector lender said it aims to double this to 2,00,000 villages and as part of this plan, it plans to hire 2,500 people more in the next 6 months.
On the rural expansion strategy, Rahul Shukla, group head—commercial and rural banking, HDFC Bank, said, “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.”
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