OREANDA-NEWS. March 19, 2012. As part of its initiative to bring millions of unbanked into the banking fold, HDFC Bank held its 300th Grameen Mega Loan Mahotsava for the fiscal at Gudivada, in Krishna district of Andhra Pradesh on Friday, March 16. Overall, this was also the 501st Loan Mahotsava hosted by the Bank in the last two years and 150th in South India. The Bank has held such Mahotsavas across all major states of the country.

HDFC Bank launched the Grameen Mega Loan Mahotsava in July 2010* as part of its Board- approved mandate to help 10 million families (40 million families) become self-sufficient through its 'Viable Finance' initiative. Typically at a Mahotsava, the Bank disburses a variety of loans such as financing for tractors, auto, two-wheelers, commercial vehicles and agriculture. Till now, through this unique initiative, HDFC Bank has reached out to an estimated population of 62 lakh in 5000 villages (according to 2001 Census data) with viable finance products that help them meet credit needs and move into mainstream banking.

At the Grameen Mega Loan Mahotsava in Gudivada, loans for all the above-mentioned products along with funding for pisciculture and no-frills accounts were also offered. Vehicle keys were handed over to customers by RBI Deputy Governor Dr. K.C. Chakrabarty and HDFC Bank MD Mr. Aditya Puri. Mr. Pralay Mondal, Country Head, Retail Assets & Credit Cards, HDFC Bank, Mr. Ashok Khanna, Sr. Executive Vice President & Business Head, Vehicle Loans, HDFC Bank and Mr. C. S. Gopinath, Regional Head, Branch Banking, AP & Chennai were also present on the occasion.

Speaking on the occasion, Mr. Mondal said, "HDFC Bank was one of the earliest organizations to sense the winds of positive change sweeping across rural India. As a major financial intermediary in the country, it is our earnest endeavour to make a difference to the lives of people residing in rural areas by reaching out to them and offering them benefits of organized finance."

Speaking on the occasion, Mr. Khanna said, "In the last two years, HDFC Bank has, through its initiatives like Grameen Loan Melas, created this overarching umbrella of Viable Finance which has helped us reach out to far-flung areas in the hinterland and touch millions of lives. For instance, today we handed over a loan to our 1.1 millionth Viable Finance customer whose life we hope to change for the better.

A hub of pisciculture, Gudivada is a mandal headquarters located midway between Vijayawada, Machilipatnam, Bhimavaram, Nuzvid and Eluru. Gudivada is also an important centre of education for a catchment area comprising Gudlavalleru, Kaikalur, Kalidindi, Mandavelli, Mudinepalli, Nandivada, Pamarru and Pedaparupudi.