HDFC Bank, the country’s largest private sector lender, plans to hire 500 additional relationship managers in the current financial year to expand its reach in the MSME sector. With this appointment, the total staff strength of the Bank’s Micro, Small and Medium Enterprises (MSME) branch will increase to 2,500.
The MSME branch of the bank reaches 545 districts
The MSME branch of the bank currently has a network of contact managers and inspectors in 545 districts. By the end of the current financial year, this range will increase to at least 575 districts. Senior Executive Vice President of Banking Business and Health Care Finance Sumant Rampal told PTI on Monday, “We are expanding our MSME range from 545 to 575 districts. More should be taken.
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After adding wholesale and retail loans under MSME heads, the bank’s MSME loan account increased to Rs 2,01,833 crore for the quarter ended March 2021 from Rs 2,01,758 crore in December 2020. The bank’s MSME portfolio includes textiles, construction, agro-processing, chemicals, consumer goods, hotels and restaurants, auto parts, pharma and paper industries, and wholesalers, retailers, dealers and stockists. The bank has been paying special attention to the sector for the past two years and the growth of the sector has been accelerated by increasing the government’s credit facilities to small traders after the epidemic.
