HDFC Bank to ride growth opportunities in emerging "Bharat"

MUMBAI - Private sector HDFC Bank aims to ride the growth opportunities thrown up by the increasing affluence of "Bharat" (rural India) and expects to grow higher-than-industry over the next few years, a top bank official said.

The bank will also focus on organic growth, having completed the acquisition of CBoP a couple of years ago which has given it a strong footprint pan-India, he said.Indian Business News

"There is a tremendous opportunity in rural India and with the country's GDP poised to grow at 8 per cent-plus over the next few years, HDFC Bank is well-positioned to tap this opportunity for its rapid growth," the bank's Managing Director, Aditya Puri, told PTI here.

Describing rural India as "Bharat", Puri said that HDFC Bank is well-poised to exploit the growth opportunities here in terms of both products and branches.

"Bharat is growing rapidly -- there are agricultural reforms taking place, supply-chains are being developed and improved, per capita income is increasing and ancillary units are growing around manufacturing. All this makes HDFC Bank optimistic about its, and the country's financial sector's growth going forward," Puri said.

The bank constantly innovates and comes up with new offerings, he said, citing as an example its loans against gold jewellery facility.

"Now we give loans against gold jewellery which helps us tap business from small shop-keepers, small businesses and others in rural areas. This business is a good one in the interiors of the country," the HDFC Bank chief said.Financial News