Present, the HDFC bank has a network of 11,000 banking correspondents.
A top official of the bank said that “The largest private sector lender HDFC Bank is planning to more than double the strength of its banking correspondents (BCs) to 25,000 by the fiscal-end.”
Smita Bhagat, country head Governments institutional business and startups at HDFC Bank, told PTI that “We always strive to provides the best banking facility to every customer even those in remote parts of the country. To make this happen we have till now appointed over 11,000 banking correspondents and plan to increase it to 25,000 by end of this fiscal.”
She also said that “A customer will get all banking facilities from the opening of an account, fixed deposit, to payment products and loan close to his house in a rural area through the BC network.”
The bank is looking at its tie-up with the government’s common services centres (CSCs) to expand its BC network.
The agreement among the two aims to create last-mile access points for financial services across the nation. The bank appoints banking correspondents from the village level entrepreneurs associated with the CSC.
There are around 3,00,000 CSCs across the country. The business correspondents under this pact will also function as Business Facilitator (BF), the statement said that “this will enable merchants, youth, entrepreneurs, farmers, and women to avail loan facility from the bank.”
For the 1st quarter ended June, the bank reported a nearly 20% rise in standalone net profit at ₹ 6,658.62 crore on the back of healthy interest income as against ₹ 5,568.16 crore in the April to June period of the previous fiscal.
Whereas, the Income of the bank rose to ₹ 34,453.28 crore in the June quarter from ₹ 32,361.84 crore in the period of last year.