HDFC bank expanding its network in Valley

Emerging as the fast growing private sector bank in the valley since its operation in the valley, HDFC bank is expanding its network with setting up of four new branches and on and off site ATMs this month. Starting its operation in 2005 in the valley, the bank has achieved a clientele of more than 20,000 in just two branches.The Bank is expected to increase its customer base with the opening of four branches within next two months. Off site ATM is also being introduced at the Airport Road, Srinagar. Zubair Iqbal, Assistant vice president Jammu and Kashmir and north Punjab told Etalaat that growing response of the people towards the products and services of the Bank has led to the creation of more branches across valley .He said that three new branches at Islamabad, Sopore and Maharaj Gunj will start functioning from the third week of this month while another branch at Karan Nagar will be functional in August this year.

“The response we have received during last 4 years shows that people are satisfied with our products and services. In order to broaden our reach in valley we have decided to set up four more branches , two in Srinagar and one each in north and south Kashmir,” Iqbal said.
“We are expecting a good response from the new branches as people from Sopore and Islamabad are approaching us and expressing their desire to open accounts,” he said, adding the new branches will have on spot ATMs for the convenience of its customers.

Iqbal said that bank is also introducing off site ATMs at hyderpora, airport road for the convenience of the customers. He said that HDFC is the only bank in valley that has tie- up with asset management companies (AMCs) and is authorized to sell their products and services.

“We are the first bank to introduce net banking and mutual fund investments in valley. We are also authorized to sell the products and services of AMCs,” He added.
With the expansion of the network, the total number of branches of the bank in the Valley will go upto seven. Presently the bank has two branches, one at Residency Road and another at Hari Singh high Street with three on site ATMs. The Bank is expected to have fifteen branches in the Valley by 2009.

In 2007 HDFC Bank acquired Centurion Bank of Punjab taking its total branches to more than 1,200. Though, the official license was given to Centurion Bank of Punjab branches, to continue working as HDFC Bank branches, on May 23, 2008.

“We have acquired Centurion Bank of Punjab and from May 23 last month, their branches have started operating by the title of HDFC,” Iqbal said.