Team Blitz India
MUMBAI: HDFC Bank is targeting to double its semi-urban and rural (SURU) business in the next three to four years, a senior official said.
The country’s largest private sector lender, however, did not share the present size of the SURU business on both assets and deposits front.
The bank said already 52 per cent of its overall 7,821 branches are in SURU locations, and it will be adding another 675 branches over the next 12-14 months to take the SURU branches close to 5,000.
Its country head for retail branch banking Arvind Vohra told reporters on May 4 that SURU locations support over 70 per cent of the population, and the bank feels that it presents a big business opportunity.
Vohra said the bank will be increasing its business in the SURU locations by expanding reach and also introducing stronger product propositions in the market, which are tailor-made keeping in mind the needs of the local population.
The bank is targeting to get 1 lakh customers on the new initiative over the next 12 months, he said and specifically mentioned constituents like teachers, salaried employees, merchants and other micro-enterprises as segments of the bank’s interest.
