HDFC Bank is set to add at least 2,500 people to its existing team, in order to realise its plan to double its rural reach, to two lakh villages in a year and a half or two. Not only will it set up more physical branches, but also take on more business correspondents, along with business facilitators, as well as common service centres partners. It will also work on its virtual relationship management and digital outreach platforms. With the expanded team and network, it will soon reach out to about two-thirds of the villages across India.
Presently, the Bank is serving micro, small and medium enterprises (MSMEs) in over 550 districts and one lakh villages in India.
While the semi-urban regions of the country offer long-term and sustainable growth opportunities for the banking sector, these regions remain underserved when it comes to extending credit. Therefore, HDFC hopes to fill the gaps, by making its services and offerings available in every pin code.
The Bank has already been customising its offerings, even providing crop loans to fulfile pre-harvest and post-harvest needs of farmers. However, it will now work on expanding its offerings further. It is already offering loans to the rural population to help them buy two-wheelers and vehicles, and providing loans against gold jewellery and curated loans in areas where banks do not exist. It will now tailor its offerings to meet the changing demands of the rural population.