Private sector lender HDFC Bank plans to expand its reach to 2 lakh villages over the next 18 to 24 months.
“The bank plans this expansion through a combination of branch network, business correspondents, business facilitators, CSC partners, virtual relationship management and digital outreach platforms,” it said in a statement on Sunday, adding this would increase its rural outreach to about a third of the country’s villages.
HDFC Bank currently offers its products and services to MSMEs in over 550 districts and its rural banking services extend to 1,00,000 villages. It aims to double this to 2,00,000 villages. As a part of this plan, it plans to hire 2,500 more people in the next six months.
“India’s rural and semi-urban markets are under-served in credit extension. They present sustainable long-term growth opportunities for the Indian banking system. Going forward we dream of making ourselves accessible in every pin code,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank.