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HDFC Bank to hire 2,500 people in six months; intend to double rural reach to 2 lakh villages
It will double its presence in the next 18-24 months through a combination of branch network , business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms
India’s largest private sector bank, HDFC Bank, said on Sunday that it aims to double its rural reach to 2 lakh villages. To this end, the lender will hire 2,500 people in the next six months.
It will double its presence in the next 18-24 months through a combination of branch network , business correspondents, business facilitators, CSC (common service centres) partners, virtual relationship management and digital outreach platforms.
The bank aims to reach a third of the villages in the country after the expansion.
“India’s rural and semi-urban markets are underserved in credit extension. They present sustainable long-term growth opportunities for the Indian banking system,” its group head (Commercial and Rural Banking) Rahul Shukla said.
Shukla said that HDFC Bank aims to make its services available in every pincode of the country. So far, the bank offers its products and services to small businesses in over 550 districts.
This coincidentally comes on a day when Finance Minister Nirmala Sitharaman said that several districts across the country lack banking presence despite the high level of economic activity happening in those areas. Addressing the 74th Annual General Meeting of the banking industry lobby grouping Indian Banks’ Association, FM Sitharaman said, “We need to scale up banking. The need is for at least four-five more SBI sized banks”. Sitharaman added that there is a pressing need to ramp up banking to meet the growing needs of the industry and also to ensure that all economic centres of the country are secured with at least one physical or digital banking presence.