HDFC Bank knocks Punjab govt door

Apart from providing working capital support, the bank says it will also be a partner in the progress of new ventures in the state

Sluggish economic growth and a low offtake of credit has prompted the banking sector to knock the doors of state governments. Aditya Puri, Managing Director, HDFC Bank today called on Punjab Deputy Chief Minister, Sukhbir Singh Badal, assuring him of the bank's  total support in execution of all development projects of the state, besides offering a composite package for upliftment of BPL families.

Puri informed the Dy CM that HDFC Bank had chalked out a package for the support of BPL families, which included planning and setting up of self-employment ventures, procurement of raw material and making suitable marketing arrangements of ventures' products. In other words, the bank wouldn't merely provide working capital support, but would also partner in the progress of the venture it finances.

Puri asserted that under the infrastructure development plan, the bank was willing to support all infrastructure projects being executed in the state. He said that Punjab was the largest and biggest growing economy of the country and HDFC Bank wants to become partner in the progress in the state.

Prominent among those present in the meeting included P S Aujla, Principal Secretary to Deputy Chief Minister, Manvesh Singh Sidhu and Ajay Kumar Mahajan, both Special Principal Secretaries to Deputy Chief Minister. Gobind Pandey and Iqbal Singh Laali, both regional heads of the bank, accompanied Puri.