HDFC Bank, the country’s second largest private sector lender, has opened 17 new rural branches in Uttar Pradesh. All these new branches are rural mini-branches serviced by 2 or 3 members and are located in unbanked areas. With these new branches, the bank now has a network of 284 branches across Uttar Pradesh.
A mini branch is one of the new-format branch models introduced by the Bank, to take formal banking services to people in unbanked and underbanked areas. It enhances the Bank’s efforts towards achieving its financial inclusion goal. The Bank has a board mandated objective to bring 10 million families (50 million Indians) into the banking fold.
HDFC Bank has reported a rise of 23.11% in its net profit at Rs 2326.52 crore for the quarter ended March 31, 2014 as compared to Rs 1889.84 crore for the same quarter in the previous year. Total income of the bank has increased by 14.94% at Rs 12789.98 crore for quarter under review as compared to Rs 11127.54 crore for the quarter ended March 31, 2013.
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