HDFC Bank is not planning on trimming down branch expansion: Aditya Puri
According to the recent global trends, the banks are focusing more on technological expansion rather than increasing their physical presence.
The HDFC Bank is not considering to curb its plan of branch expansion despite the fact that the trends are showing otherwise.
It is being observed that banks are pushing towards technological expansion more than the physical expansion.
"Absolutely not," HDFC Bank's chief executive and managing director Aditya Puri replied when asked if the largest lender in India will be trimming down its branches in the future.
He said the bank would be providing choices to the customers, who can get the benefit of transacting either through a laptop or mobile phone or visit a branch.
India is one of the rapidly growing prominent economies in the world and banks are still trying to reach all the people, Puri added.
The bank is primarily trying to take its reach of banking services to at least 1 lakh villages, Puri said without providing any timeline or the current status of the expansions.
Globally the lenders decision on trimming down physical presence has also had an effect in India, with HSBC's decision to halve its physical presence in the country or Standard Chartered laying off at least 500 jobs.
The MD and Chief Executive Puri was speaking on the event of the bank's 5,000th branch opening in Andheri conurbation. The bank has been running its operations in the country for 25 years
Puri, who has been leading and guiding the bank since its inception, said it is a very emotional moment and nostalgic and further added that it has seen India change in the last quarter century.
He also said that the bank has profited from India's exponential growth and is also contributing to the CSR activities with over half its network in rural and semi-urban areas.
When asked about the future, Puri said the best is yet to come for the bank.