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HDFC Bank rural banking business to expand into India’s rural market

HDFC Bank rural banking

HDFC Bank rural banking business to get expansion

HDFC Bank rural banking – HDFC Bank stated today that it has established a rural banking division to further enter India’s rural sector. Rural Banking, the new wing, will unite the bank’s previous operations in this area and bring it closer to the people. 
 
Rural Banking is carved out of the company’s Retail Branch Banking operation as part of the ‘Future-Ready’ strategy to focus on semi-urban and rural areas, a substantial part of which remains untapped, according to the corporation. 
 
The National Rural Banking Head has been named Anil Bhavnani. Currently, half of the bank’s 6,342 branches are in semi-urban and rural areas, with the other half in metro and metropolitan districts. Village Level Entrepreneurs (VLE) of Common Service Centres (CSC) are also used as an extension of the bank’s branches in remote locations.

HDFC Bank rural banking

In the current financial year, HDFC Bank plans to open 1,064 branches in semi-urban and rural locations. 
 
The bank has teamed up with the Institute of Rural Management in Anand to develop a “Rural First” approach that takes into account changing dynamics in consumer behaviour, customer satisfaction, service design, and delivery. The bank stated that its goal is to provide a one-stop shop for small farmers, labourers, and traders, as well as to raise awareness about good saving practises and financial literacy. 
 
“This is both a problem and an opportunity,” said Anil Bhavnani, Senior Executive Vice President and National Rural Banking Head of HDFC Bank. The bank has had half of its branches in semi-urban and rural locations for many years. We will open more branches in semi-urban and rural locations this fiscal year as a result of our increased focus.”