HDFC Bank to open 300 branches

Bank is only awaiting approval from RBI for the new branches; hopes move will strengthen presence in retail banking

Undeterred by the economic slowdown and a sluggish demand for credit, HDFC Bank Limited is planning to open 300 new branches across India, adding to its existing branch network of 3,119.

The country branch head of HDFC Bank Navin Puri said the bank is waiting for the approval of the Reserve Bank of India over the new branches and is hoping to strengthen its presence in retail banking.

Talking to the media on the sidelines of the opening of its 18 rural branches in Haryana launched by the state chief secretary, P K Chaudhary, Puri conceded to the fact that the demand for credit was low and the growth of the bank was correlated to the growth of country’s economy.

The geographical spread of the branch network, he said, would aid to meet the loss in business due to the sentiments created by a gloomy economic outlook.