HDFC Bank, a leading private sector bank in India, has unveiled an ambitious plan to double its branch network in the next three to five years.
The plan involves opening around 1,500-2,000 locations every year.
Currently, the lender has around 6,000 branches in the country.
HDFC Bank managing director and CEO Sashidhar Jagdishan was quoted by local news reports as saying: “The branch will be digital from a customer on-boarding and transaction/servicing perspective.
“It will provide the emotional connect and relationship management necessary for offering financial solutions to our customers. These branches will be small in size and will be phygital relationship centres.”
He further noted that the branches serve as a key source to deposit mobilisation. They also help in customer acquisition and customer retention.
In April, mortgage lender HDFC announced a merger with HDFC Bank to create a new banking giant.
The two-part deal will involve merging HDFC Investments Limited and HDFC Holdings Limited with and into HDFC and then merging HDFC with and into HDFC Bank.
Commenting on the merger, Jagdishan was quoted by Livemint as saying: “We look forward to the phenomenal set of talent, deep product knowledge and expertise, the processes, and systems that HDFC Ltd will add to the Bank’s existing ones.
“Quite simply, this is an opportunity we cannot afford to miss.”