HDFC Bank holds Gramin Mega Loan Mahotsava at Morbi

HDFC Bank, the second largest private bank in the country, held a Gramin Mega Loan Mahotsava at Morbi in Gujarat today.

Morbi, located in Rajkot district, is one of the major manufacturers of ceramic tiles and wall clocks. The major crops in the area are groundnut and cotton.

At the Gramin Mega Loan Mahotsava in Morbi, which was one of the largest-such events ever held in the town, a variety of loans such as tractor loans, auto loans, two-wheeler loans and commercial vehicle loans were extended to rural customers. Other three-day loan Mahotsavas were also held in the nearby villages of Wankaner, Halvad, Dhangdhara.

HDFC Bank launched the Gramin Mega Loan Mahotsava last July under the Bank’s Rural Campaign and hosted 150 such events in 2010. The Bank continues to hold this programme across all major states like Gujarat, Maharashtra, Rajasthan, Andhra Pradesh, Karnataka, Tamil Nadu, Orissa, West Bengal and Punjab this year.

At the Loan Mahotsava in Morbi, vehicle keys were handed over to customers by Mr. Pralay Mondal, Country Head, Retail Assets, HDFC Bank and Mr. Ashok Khanna, Sr. Executive Vice President & Business Head, Vehicle Loans, HDFC Bank. Among the dignitaries present on the occasion were Mr. Velji Bhai Patel, former President, Morbi Wall Tiles & Ceramic Association, Mr. Jayanti Bhai Patel, Director, Vrindavan Group of Industries and Mr. Shailesh Patel, Secretary, Floor Tiles Association.

Speaking on the occasion, Mr. Mondal said, “HDFC Bank was one of the earliest organizations to sense the winds of positive change sweeping across rural India. As a major financial intermediary in the country, it is our earnest endeavour to make a difference to the lives of people residing in rural areas by reaching out to them and tapping the growing consumer demand there. Morbi is a manufacturing hub and represents the high growth trajectory of rural India. We are committed to partnering our customers in their journey of progress.”

Mr. Khanna said, "Rural India has witnessed a remarkable transformation over the past two decades that I’ve been travelling to these markets. Thanks to a host of factors, better realization for their produce being the primary one, rural India has converted into a huge consumer market. Hence, the scope for banks to do business will see new markets opening up and new demand being generated.”