HDFC Bank carves out Rural Banking business to penetrate deeper into Bharat
Bank to open over 1,060 branches in semi-urban and rural areas this FY
India, 2022: HDFC bank today announced it has carved out Rural
Banking function to penetrate deeper into Bharat. Tasked to take banking
products further in the hinterland, Rural Banking will consolidate the bank's
existing initiatives in this direction, and take it closer to the last mile.
Carved out of Retail Branch Banking as part of the
bank’s ‘Future - Ready’ project, the Rural Banking business to focus on semi
urban and rural areas, a large part of which remains untapped.
Mr Anil Bhavnani, who has been with the bank for over 19
years, has been appointed National Rural Banking Head. The Bank has at present
50 per cent of its 6,342 branches in semi urban and rural areas, and remaining
50% in metro and urban areas. The bank also works with Village Level
Entrepreneurs (VLE) of Common Service Centres (CSC) as an extension of the
bank's branches in far flung areas.
The Rural Banking business to offer entire bouquet of
products and services in semi urban and rural areas. Towards this, the bank
will adopt the following approach:
1.
Distribution
Network - To expand its distribution in the rural areas, the Bank to open over 1,064
branches in semi-urban and rural areas in this financial year
2.
Strategic
Partnership – The bank has partnered with Institute of Rural Management, Anand
to create ‘Rural First’ strategy by understanding evolving dynamics related to
consumer behaviour, customer satisfaction, service design, and service delivery
3.
New
Products and Services - To build new product and services related to rural transport
economy, forest economy, agri economy, and other allied activities
4.
One
Stop Shop Solution – To focus on providing one stop shop solution to small
farmers, workers, and traders
5.
Financial
Literacy Awareness – To spread awareness on good savings habits and financial
literacy
"We
are excited to take the bank's world-class products and services to the
remotest corner of India," says Mr
Anil Bhavnani, Sr Executive Vice President and National Rural Banking Head,
HDFC Bank. "This is both a challenge and an opportunity and I am very
excited to take this up. For many years now, the bank had 50% of its branches
in semi urban and rural areas. With this enhanced focus, we will open more
branches this financial year in Semi-Urban and Rural areas. While branches are
touchpoints, we are working on meeting rural needs holistically, by creating
products specially designed for these markets.”
About
HDFC BANK
For
information, please log on to: www.hdfcbank.com
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