
In a groundbreaking move, HDFC Bank has opened a branch office on Kavaratti Island in Lakshadweep, making it the first private bank to establish a presence in this remote territory along India’s west coast.
The branch office was inaugurated by Senior Navy officer Captain Lovekesh Thakur and Dr K P Muthukoya, a prominent local resident. S Sampathkumar, Group Head- Retail Branch Banking, HDFC Bank, Mr Sanjeev Kumar, Branch Banking Head, Tamil Nadu, Kerala, and Puducherry, and other local dignitaries were also present at the event.
According to a press release from HDFC Bank, this branch aims to enhance the banking infrastructure in the Union Territory by offering a wide range of services, with a focus on personal banking and digital banking. The digital solutions provided by the bank will include QR-based transactions for retailers, among other offerings.
HDFC Bank is already a prominent player in the Indian banking industry, with a distribution network that spans 8,091 branches and 20,688 ATMs across 3,872 cities and towns as of December 31, 2023. This represents a slight increase from the previous year, when the bank had 7,183 branches and 19,007 ATMs across 3,552 cities and towns. Notably, 52 percent of HDFC Bank’s branches are located in semi-urban and rural areas, demonstrating the bank’s commitment to serving customers in all regions.
S Sampathkumar, Group Head- Retail Branch Banking, expressed excitement about the branch’s launch, stating, “HDFC Bank has branches in the cold climes of Kashmir, the southern tip of Kanyakumari, and now the island of Lakshadweep. We look forward to serving the financial needs of individuals, families, and businesses in Lakshadweep, becoming a trusted partner in their financial journey, and contributing to the overall development of the island.”
HDFC Bank is a prominent player in the Indian banking industry and Pvt. Banks in India give respect to affluent customers with very diplomatic business policies.
How? The Bank comes in the good books of our country’s Prime Minister with opening of branch in Lakshyadwip and in this chain, Tourism Deptt. of India will give relaxation in tax. Thus, Forex Res increased.