HDFC Bank, the largest private sector bank, plans to open 1,500 to 2,000 new branches every year. India is preparing to open about 10,000 new branches in the next three to five years. Shashidhar Jagadishan, Chief Executive Officer of the Bank said this while releasing the financial report for the financial year 2021-22.
According to Money Control, 1,500 to 2,000 new branches will be opened across the country in the current financial year. This sequence will continue for the next three to five years. In addition, a new feature will be made available to customers every three weeks. Through this, the transactions of the branches will be digitalized and the customers will be informed about the services of the banks from time to time, said Jagadishan. The branches to be opened will be small and this will help the bank to reach out to every customer.
HDFC Bank, the country’s largest private sector bank, has 21,683 banking outlets as on March. There are 6,342 bank branches. Four of these branches are abroad. HDFC Bank has a total of 18,130 ATMs and cash deposit machines across the country. In addition, the bank has created 15,341 business correspondents to strengthen its branch network. Meanwhile, the opening of new branches will increase bank deposits and help in the merger of Housing Development Finance Corporation.
According to HDFC Bank, their total deposits and loan books have increased on an annual basis till the end of March. The bank has received a total of Rs 15.59 lakh crore till the end of the financial year. This is an increase of 17 per cent over the previous financial year. Current and savings account share has increased by 48 per cent. Bank loan books also grew by 21 per cent year-on-year to Rs 13.68 lakh crore.
The bank’s MD said the bank was banned by the RBI due to technical glitches in the bank’s operations. But now these problems have been overcome. So now all kinds of regulatory restrictions have come to an end. At present, the bank is focused on enhancing its digital services and providing better services to its customers technically. This is a step forward in the Digital 2.0 campaign. The bank will now launch new digital products and services in the next few quarters.
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