“India’s rural and semi-urban markets do not have credit extension facilities,” said Rahul Shukla, Group Head – Commercial & rural banking, HDFC Bank. “They present sustainable long-term growth opportunities for the Indian banking system. Going forward, we dream of making ourselves accessible in every pin code.”
Under this scheme, HDFC Bank plans to provide jobs to 2,500 people in the next 6 months. At present, the private lender offers its products and services to micro and medium enterprises in over 550 districts. Its rural banking services extend to 1 lakh Indian villages, aiming to double it to 2 lakh.
Shukla said, “Our digital initiatives will play a big role in deepening our reach in the far flung corners of India and help us in extending credit to those who are left out financially despite our country’s progress. ”
The bank already offers customized offerings in unbanked and under-banked geographies such as pre- and post-harvest crop loans, two-wheeler and auto loans, loans against gold jewellery, and other curated loan products. It will now offer its offerings keeping in mind the rapidly changing rural ecosystem.
“Government of India is transforming the rural economy through various schemes. As a responsible leader in the field of banking and financial services, we believe in following the direction of providing best-in-class access to all sections of the society. Make banking products and services accessible,” Shukla said.