HDFC Bank Ltd. Opened Two New Rural Branches in Madhya Pradesh
OREANDA-NEWS. HDFC Bank Ltd. has opened two new rural branches in Madhya Pradesh. The new branches are rural mini-branches serviced by two members located in unbanked areas. The local population in these villages has hitherto had no access to formal banking services.
The new branches are located at Muradabad in the Khargone district and Barethi in the Chattarpur district of Madhya Pradesh.
A mini branch is one of the new-format branch models introduced by the Bank, to take formal banking services to people in unbanked and underbanked areas. It enhances the Bank's efforts towards achieving its financial inclusion goal. The Bank has a board mandated objective to bring 10 million families (50 million Indians) into the banking fold.
The mini branch is designed to be cost-effective by maximizing efficiency of space, infrastructure, technology and processes. The product range at a mini branch is comparable to that in a traditional branch and the two members are available to provide customers an array of services. The two-person branch works closely with the nearest large branch, operating as hub and spoke to cater to a particular geography and ensure that all products and services are made available to customers.
Speaking on the new branches, Mr Amit Kumar, Branch Banking Head, HDFC Bank, said: “Our extensive branch network reiterates our commitment to take formal banking services to every part of Madhya Pradesh, particularly the unbanked and underbanked areas. This brings us closer to our customers, and by offering them our full range of banking services, we hope to make a difference in their daily lives.”
Speaking at the launch, Mr. Sudesh Jaisinghani, Zonal Head, HDFC Bank said, “As we expand into deeper geographies, we are happy to serve the local populace and look forward to bringing a whole new world of convenience and flexibility to customers across the state.”
With these new launches, the Bank now has 87 branches in the state. As of September 30, 2013, the Bank had a distribution network with 3,251 branches and 11,177 ATMs in 2022 cities/towns across India.
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank's competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 19 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of September 30, 2013, the Bank had a distribution network with 3,251 branches and 11,177 ATMs in 2022 cities/towns.