HDFC Bank launches programme for Bharat, to onboard 1 lakh customers

HDFC Bank on Thursday launched the ‘Vishesh’ retail banking program for customers in semi-urban and rural geographies where it plans to engage around 1 lakh new customers.

As part of this, the bank plans to add more branches and launch customized and tailored financial products and solutions for this market segment.

HDFC Bank will look to add 675 branches in semi-urban and rural geographic areas in FY24 to bring the total number closer to 5,000. As of March 31, 52 percent of the bank’s 7,821 branches were in rural and peri-urban areas.

“This is not a product platform. What we are looking at are 4-5 important segments – farmers, traders, micro-enterprises, salaried government employees. We have to understand their different needs,” said Arvind Vohra, Head of Banking in the group’s retail branch.

Given HDFC’s limited reach in Tier II and Tier III cities, Vohra also expects the merger of parent HDFC to open up more opportunities in this market segment due to the wide branch network the bank now has making it easier to meet its needs. Client.

“With the bank’s presence now so widespread, offering another product or offering is very cost-effective,” said Vohra. business line, Adding that it will reduce response time by helping avoid duplicate processes such as underwriting and loan processing while also allowing for cross-selling or products and services.

HDFC Bank already has a ‘Classic’ HNI or upper tier client program with a customer base of 9 lakh, of which 3 lakh are in semi-urban and rural locations. The bank said these customers are now being migrated under the ‘Vishesh’ program to further focus on and grow this market segment.

Software features include a dedicated personal banker; extendable facility for 8 family members; Up to 50 percent discount on processing fees in Gold Loan and 50 percent off appraisal waiver (once a year); And up to 50 percent off processing fees on construction equipment and tractor loans, personal and business loans, and auto and two-wheeler loans.

It also offers daily Hospicash benefits (up to 5 days), annual preventive health check up to Rs 3,000; Free and cashless annual medical examination; Unlimited Tele Health consulting, and a range of agricultural technology services such as soil testing, agricultural consulting, drone spraying, and agricultural machinery rental through partnerships.

Under the programme, the private lender has developed a unique customer engagement model, congratulating rural elders like sarpanchs, teachers and key officials as they play a key role in the growth and progression of villages.