HDFC Bank, a private sector lender in India, has announced plans to open 100 more branches in Gujarat, reported The Times of India.
The lender made the announcement as it opened its 500th branch in the state.
The new branches are slated to open by March 2023 and expected to create around 1,000 jobs, a local daily Navjeevan Express reported.
HDFC Bank retail branch banking head – Gujarat Thomson Jose said: “We are delighted to help contribute to the Gujarat growth story. The state’s entrepreneurial spirit has spawned many successes, especially in the MSME sector. Through our growing branch network and other initiatives, we plan to cater to this growth and contribute to the prosperity of the people of Gujarat.”
According to a senior bank official, of the 100 new branches, 55 will be opened in rural areas.
Currently, the bank operates some 222 branches in semi-urban and rural areas.
As of the first quarter of the financial year 2023, HDFC Bank’s deposit in Gujarat stood at INR976bn ($11.bn) and it has extended advances worth INR1tn ($12.08bn).
The bank’s distribution network included 6,762 retail branches, four digital banking units, and 17,076 ATMs spread across 3,279 cities and towns as of 15 December 2022.
Earlier this week, media reports said that HDFC Bank is planning to raise $1bn in capital via offshore loans.
The lender is also preparing to issue up to one million credit cards every month through a series of partnerships.
It aims to tap into the market as early as January 2023, anticipating a strong credit demand.