HDFC Bank Reported 17% YoY Growth in MSME Loans
The MSME book of HDFC Bank has witnessed a 17 per cent year-on-year growth to over INR 13,000 crore as of September-end in Uttar Pradesh.
More than 66,000 MSMEs have availed loan from the Mumbai-headquartered bank. The MSME book of HDFC Bank has witnessed a 17 per cent year-on-year growth to over INR 13,000 crore as of September-end in Uttar Pradesh.
HDFC Bank has identified corporate banking, lending to micro, small and medium enterprises (MSME), government banking, retail assets and payments as key focus areas going ahead and the growth strategy will be aided by digital channels, the bank’s MD & CEO said in the integrated annual report for 2020-21.
While HDFC Bank continues to focus on the corporate cluster and government business to increase penetration, it has created a new business segment of commercial (MSME) and rural banking to capture the next wave of growth. “We will continue to strengthen our leadership position in the payments business and retail assets business and have added Wealth Management and Private Banking as a core focus area for us,” Sashidhar Jagdishan MD & CEO of HDFC Bank was quoted in media in an earlier media interaction.
According to published media reports, under the ECLGS scheme of the government, HDFC Bank has disbursed advances to over 5,950 MSME units in the state.
In the last 17 years, HDFC Bank has offered loans to 66,869 companies and starting lending to MSMEs in Uttar Pradesh in 2004.
HDFC Bank has so far extended loans to MSME customers in more than 500 cities and towns covering 75 districts in the state of UP.
Commenting on this, Shyamal Singh, Regional Head, and Business Banking – Uttar Pradesh, HDFC Bank said, “MSMEs are the backbone of the economy and are amongst the largest job creators. We are proud to have been a partner in their growth journey with our world-class products.”
He also said that the bank will expand to 30 more locations in the state and simultaneously increase their digital footprint.