HDFC to spread its network to capture rural market

HDFC to spread its network to capture rural market
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First Published: Tue, Aug 26 2008. 12 51 PM IST
Updated: Tue, Aug 26 2008. 12 51 PM IST
PTI
Chennai: With the aim of enabling farmers and Self Help Groups (SHGs) to have access to banking and financial products, HDFC has chalked out new measures to expand its network to rural areas of the country.
New branches in rural areas would be equivalent with core banking facilities that HDFC provides to customers in metropolitan cities, according to a top official of the bank.
“During the next fiscal, we plan to open more than 200 branches across the country. Of this, we will open more than 100 branches in rural areas,” HDFC senior vice president G S Gopinath told PTI.
Currently, 125 of the total 325 branches in South India are in rural and semi-urban areas, 113 in urban areas and 87 branches in metro cities. “The main idea is to make farmers and SHG have a bank account and access to the bank,’ he said.
For this purpose, HDFC planned to depute more field staff and provide office with internet and other facilities at rural branches.
“We believe that HDFC has great potential for further development due to its broad geographical service coverage,its connection with rural residents and the increasing demand for loans in rural areas,’ he said.
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First Published: Tue, Aug 26 2008. 12 51 PM IST
More Topics: HDFC | rural branches | SHGs | G S Gopinath | loans |