HDFC Bank, the largest private sector lender in India, has opened its 5,000th branch in Andheri, Mumbai. The bank also noted that it will not cut down on branch expansion.
The new branch was opened on the same day it commenced its operations in 1995.
HDFC Bank branch expansion
HDFC Bank achieved the milestone when most of the global banks are pursuing the strategy to trim their branch network bolstering their digital presence.
At the opening, HDFC Bank managing director and CEO Aditya Puri said that the bank has no plans to reduce its branch expansion process. The bank will continue to offer the choice to the customers to transact through a mobile phone or visit a branch.
He told the news agency PTI that the bank is planning to take its services to 100,000 villages in India. However, he did not provide further details or timeframe on the plan.
Puri was quoted by The Hindu Business Line as saying: “Going forward, we will continue our effort to not just take banking to every part of the country but also to make a difference to the society.”
In January 1995, HDFC Bank secured its banking licence. Most of its branches in India are located in semi-urban and rural areas.
Last month, it was reported that HDFC Bank is all set to sell its home loan subsidiary Gruh Finance to Bandhan Bank. The transaction would be materialised through a $12bn share swap process.
In July last year, HDFC initiated share sales in its home market and in the US to raise up to $2.3bn in capital.