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April 22, 2022

HDFC Bank plans 150 new branches; to offer 1000 jobs

Indian private lender HDFC Bank has announced plans to open 150 new branches that will generate direct employment for 1000 people. 

The new branches will be opened across the Indian state of Uttar Pradesh (UP), with a focus on rural areas. 

Concurrently, the bank revealed that its total advances in the state have crossed the INR650bn ($8.51bn) mark. 

These advances include loans offered by the bank to retail, corporate, MSME and microfinance customers.

HDFC Bank Uttar Pradesh branch banking head Akhilesh Kumar Roy said: “We are grateful to our customers for giving us the opportunity to serve the people of Uttar Pradesh.

“We are happy to be a partner of growth and fuel the economic activity in Uttar Pradesh. As is evident from the 40% growth in advances in the last 12 months – bank continued lending even during Covid-19 – to support the economy.”

Currently, the bank holds a market share of around 7% in the state, which translates to business worth around INR1.5trn ($20.1bn).

It operates a network of 630 branches and 1,200 ATMs in the state. 

According to media reports, HDFC Bank opened more than 170 branches in UP in the last financial year.

Earlier this month, HDFC announced plans to merge with HDFC Bank to create a banking giant.

The deal, which will create an entity with $236bn on its balance sheet, is yet to receive regulatory clearance. 

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