HDFC Bank Launches ‘Vishesh’ Program to Add 1 Lakh New Customers in Rural India and Expand Branch Network to 5,000 by FY24
HDFC Bank has launched a new retail banking program called “Vishesh” for customers in semi-urban and rural areas. The bank is targeting to onboard approximately 1 lakh new customers through this program. HDFC Bank plans to add more branches and offer customized financial solutions and tailor-made products for this segment. The bank is looking to add 675 branches in semi-urban and rural areas in FY24, taking the total number of branches to almost 5,000. As of March 31, 52% of the bank’s 7,821 branches are in rural and semi-urban areas.
The new program focuses on important segments such as farmers, merchants, micro-enterprises, and government salaried people. The bank will offer dedicated personal bankers, facilities extendable to eight family members, and up to 50% off on processing fees on construction equipment, tractors, personal, business, auto, and two-wheeler loans.
Moreover, the program also offers daily Hospicash benefits (up to 5 days), annual preventive health check-up up to Rs 3,000, one annual complimentary and cashless health check-up, unlimited Tele Health consultation, and a range of agritech services such as soil testing, agri advisory, drone spraying, and agri machinery rental through partnerships.
HDFC Bank already has a “Classic” program for HNI customers, and now, customers from semi-urban and rural areas will be hived off under the “Vishesh” program to increase focus on and grow this market segment. The bank is looking to reduce turnaround time by avoiding duplication of processes like underwriting and loan processing while also allowing cross-selling of products and services.
The bank has also put in place a unique customer engagement model under the program, felicitating rural seniors such as sarpanches, teachers, and key officials as they play a vital role in the growth and progress of villages. HDFC Bank hopes that the merger of parent HDFC will unlock more opportunities in this market segment due to the wide branch network that the bank now has, making it easier to cater to customers.
