 "HDFC Bank")
India’s largest private lender, HDFC Bank, plans to open 675 branches in semi-urban and rural areas in the next 12-14 months to scale up the branch network in these areas to 5,000.
As of March 31, the bank had 52 per cent of its 7,821 branches in semi-urban and rural locations.
As a step to grow business (deposits and advances), the bank will begin to provide premium banking services, Vishesh, to various customer groups, such as farmers, micro enterprises, and those into government service. It expects to get on board 100,000 customers for this service in FY24.
Arvind Vohra, group head (retail branch banking) of HDFC Bank, said large sections of Indians now living beyond the metros and tier 1 cities seek the same standard of living and banking products or financial services as in urban India.
Though the lender spoke of a huge opportunity, it declined to provide any information about the size of its existing business in semi-urban and rural areas.
The premium banking programme will offer a blend of financial and wellness benefits. The services would include dedicated personal bankers, up to 50 per cent off once a year on processing fees in gold loan and 50 per cent waiver on valuation.
The lending institution would extend agri-tech services like soil testing, agri advisory, drone spraying, and agri machinery rental through partnership. The service package would also cover one annual complimentary and cashless health check-up with over 45 lab test packages and unlimited telehealth consultations.
