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HDFC Bank makes rural banking a separate vertical
May 20, 2022
HDFC Bank said on Thursday that it will open 1,060 branches in semi-urban and rural areas in the current financial year. The bank has made a different rural banking vertical to meet this push in the rural areas, the lender said.
The rural banking vertical will extend the bank’s dissemination in the rural areas, will enter vital associations with outside entities, launch new products and services which will address the needs of its rural customers, and provide a one-stop-shop solution for farmers and encourage financial literacy.
The bank has partnered with the Institute of Rural Management situated in Anand, Gujarat, to formulate ‘Provincial First’ procedure to track consumer behaviour, customer satisfaction, service design, and service delivery. It will focus on services related to the provincial transport economy, forest economy, agricultural economy, and other allied activities.
Right now, the bank has 3,171 parts of its 6,342 branches in semi-urban and rural areas and the remaining 50% in urban areas.
Last month, HDFC Bank said that it will open 150 branches in Uttar Pradesh alone. In the financial year ended March 2021, the bank’s advances in agriculture and allied activities rose by practically 11% to ‘94,977 crores, according to information in the bank’s annual report for the year.
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