HDFC Bank to open over 300 new branches, hire up to 2,000

Aug 29 2013, 14:42 IST
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HDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013. Reuters HDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013. Reuters
SummaryHDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013.

HDFC Bank on Thursday said it is planning to open over 300 new branches across the country and hire 1,000 to 2,000 people as part of its expansion programme in the current fiscal.

"We have submitted our plans (for opening of new branches) to RBI for approval ... it (branch opening plans) is 300 upwards and also includes semi-urban branches," bank's Country Head (Branch Banking) Navin Puri said.

"Once we have licences (from RBI) for opening new branches ... 1,000-2,000 people will be hired," he added.

Asked whether the country's present weak economic environment will have any impact on its expansion plans, Puri said, "I do not think the numbers (branch opening) will be revised. It will remain upwards 300 (for current fiscal). We do not think the changes in economic environment will be going to affect us."

HDFC bank has national distribution network of 3,119 branches across the country as on June 30, 2013.

He asserted that there would not be any serious impact of current tough economic environment on bank's loan book. "We will grow better than the industry," he said.

He said credit growth had come down because of various reasons.

On record rupee depreciation against US dollar, Puri said, "Rupee (depreciation) is good for NRI deposits. We have seen increase in NRI deposits and the growth number is better than the industry."

Asked about impact of new players coming in bankings sector on existing players, HDFC Bank Country Head said that there was enough room for growth for existing as well as new players in banking business.

"We strongly believe, it (giving new banking licenses) will not impact our growth as there is enough market for existing and future players," he said.

HDFC Bank also announced opening of 18 rural branches in Haryana which will take its total network to 200 branches in the agrarian state.

The opening of 18 branches, 14 of which are in unbanked locations, will enable access of formal banking to around 90,000 people in the state.

With this, the bank claimed it has about 65 per cent of its network dedicated to semi-urban and rural areas of Haryana.

The new branches were opened at 18 locations including Panipat (3), Sonepat (2), Karnal (2), Gurgaon (2), Bhiwani, Fatehabad, Hisar, Kaithal, Yamunanagar, Jhajjar, Ambala, Rewari and Faridabad.

"Our expanded 200 branch network enables us to bring our full range of banking solutions to a significantly larger number of people in deeper parts of the state (Haryana),"

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