The hiring program will take place over the next 6 months.
HDFC Bank is planning to increase its rural presence and to that end will hire 2,500+ people.
The move comes after Finance Minister Nirmala Sitharaman asked lenders to step up when it comes to banking reach and job opportunities in rural regions.
The hiring program will take place over the next 6 months.
Contents
Execution
It will expand its network to reach 2 lakh villages in the next 18-24 months, double the current amount.
This will help it reach about a third of the country’s villages and provide jobs to more than 2,500 people in the coming months.
It will carry out its expansion through a combination of branch networks, business correspondence, business facilitators, CSC (Common Service Centres) partners, virtual relationship management, and digital outreach platforms.
Ambitions
Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank, acknowledged that Indian rural and semi-urban markets are under-served in terms of credit extension.
These markets present long-term growth opportunities for the overall Indian banking system.
The bank aims to make its presence known and be accessible “in every pin code”.
Supporting MSMEs
On September 7, the bank inked a memorandum of understanding (MoU) with National Small Industries Corporation (NSIC) to offer credit support to MSMEs (Micro, Small and Medium Enterprises) across the country.
Under the MoU, it will accept loan applications forwarded by NSIC and sanction it on merit and as per its own lending norms.
It will also provide tailored schemes and finance MSME projects in places where its branches are located or at important industrial centres.
Existing Lineup
Currently, it offers its products and services to MSMEs in over 550 districts.
The bank’s current portfolio in unbanked and under-banked areas includes pre- and post-harvest crop loans, two-wheeler and auto loans, loans against gold jewellery, and other curated loan products.
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