HDFC pushes its boundaries to the rural corners of India

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Within the following two years, HDFC Bank contemplates dilating its grasp to 2 lakh villages. Right now, it deals with 1 lakh villages.

With the augmentation of income and ambitions of the semi-urban and rural (SURU) markets of India, there is an increase in the demand for quality financial products and services. Now, HDFC wishes to explore the enormous potential of these markets.

HDFC is one of the principal banking and financial services companies in India. It is one of those private banks which got sanction by RBI in 1994. Today also, it is of great importance to the Indian economy. HDFC is a giant in the Indian market in its assets as well as market capitalization.

HDFC Bank contemplates increasing its semi-urban and rural push. At present, this private usurer provides its products and services to micro and medium firms in more than 550 districts.

HDFC’s customized offerings like harvest crop loans, vehicle loans, gold loans, etc. have helped it to win the hearts of the customers.

At present, 1.25 lakh villages are covered under Kisan Gold Card for farm loans. 4.6 lakh rural customers are met under the ‘Har Gaon Hamara’ program. 12 Kisan Dhan Vikas Kendhras were set up to help farmers. In 2 to 3 years, 8 lakh dairy farmers will be covered by Milk-to-Money.

Earlier, this month, HDFC endorsed an MoU with National Small Industries Corporation (NSIC). This move is intended to boost the credit availability for Micro, Small, and Medium Enterprises (MSMEs).

Currently, HDFC is the 15th largest employer in India. About 1,20,000 people are employed in HDFC. With the spread of its product and services into rural areas, more people will get employment. They are going to hire about 2500 staff within the next 6 months.

HDFC intends to attain the current goal within the next two years. They would increase branch networks, appoint more correspondents and facilitators and make use of digital platforms to bring off this mission.

As a whole, we progressed a lot. However, the remotest corners of India where people are excluded from banking activities should be considered. HDFC is taking a big step for that.

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