HDFC Bank crosses 1 m in rural loan initiative

HDFC Bank has disbursed loan to its 1.1 millionth customer under its ‘Grammen Mega Loan Mahotsva,' a rural loan initiative.

As part of its initiative to bring millions of unbanked into the banking fold, HDFC Bank conducted this loan mela for this financial year at Gudivada in Krishna district of Andhra Pradesh on Friday.

It disbursed a variety of loans such as financing for tractors, auto, two-wheelers, commercial vehicles and agriculture.

Since the launch of the initiative in 2010, HDFC Bank had reached out to an estimated population of 62 lakh in 5,000 villages, with viable finance products to help them meet credit needs and move into mainstream banking.

The objective of the programme was to help 10 million families (40 million families) become self-sufficient through its ‘Viable Finance' initiative.

RBI Deputy Governor, Dr. K C Chakrabarty, and HDFC Bank MD, Mr Aditya Puri, participated in the programme.