HDFC Bank is the second biggest private sector has set up first of its kind commercial scale rural BPO at Tirupati in Andhra Pradesh. Youths from weaker sections from nearby villages have been employed by the bank.
A Rajan, Country Head, Operations, HDFC Bank informed that BPO has been set up by the Bank’s subsidiary, ADFC and started operations in July. Through BPO several outsourced processing activities of the bank are being supported.
At present there 500 employees and by March 2009 the strength of the staff will be increased to over 1,500. This will be the largest rural BPO in the banking sector.
Explaining the underlying principle behind setting up a rural BPO, he said, "The bank is pioneering an initiative which has the potential to revolutionize rural India by taking job opportunities closer to the rural doorsteps, through economically viable projects."
He explained that bank will be able to achieve its goal without compromising on customer service levels and economic viability of the project.
He added on the success of this plan there is proposal of opening similar rural BPOs in other states also.
According to Rajan the BPO idea has huge potential and other banks, insurance companies; mutual funds can also think of financial outsourcing through rural BPOs which in turn will create more job opportunities in thousands in the hinterland.
The BPO has been set up at Tirupati which is a semi-urban area and the bank has managed to get broadband connection from BSNL.
Thursday, August 28, 2008
Wednesday, August 27, 2008
HDFC Bank 48th branch inaugurated in Chennai
HDFC Bank, is one of premier bank has opened its full-fledged branch in K K Nagar, Chennai.. Mr. Krishnaswamy Jambunathan, Director, Visteon Technical and Services Centre, Chennai inaugurated the new branch.
After the opening of this new branch HDFC banks branch network in South India will reach up to 345 branches. This new branch will be the 48th branch in Chennai and 79th branch in Tamil Nadu.
Through new branch office bank will be offering world class banking services to its customers – from basic banking services such as Savings Account, Fixed Deposits, Current Account, Mutual Funds, Lockers, NRI Services, Demat to sophisticated direct access banking channels such as ATM, PhoneBanking, NetBanking. Bank will be offering International Credit and Debit Cards.
Speaking at the inauguration function of the new branch, Mr. Navin Puri, Country Head, Branch Banking, HDFC Bank said, “Growing our network and expanding our reach has been the main focus of the bank. We see high market potential in this area and hence it is important that we further strengthen our presence and reach in Southern India. The new branch will offer a wide range of corporate and retail banking services. We are committed to offer our customers, world class financial products and services”.
Mr. C.S. Gopinath, Regional Head, A.P. & Chennai, HDFC Bank said, "We have received tremendous support from our customers in the South over the years. We would like the residents of Chennai to personally experience our excellent services and products much closer to home and make it a grand success."
After the opening of this new branch HDFC banks branch network in South India will reach up to 345 branches. This new branch will be the 48th branch in Chennai and 79th branch in Tamil Nadu.
Through new branch office bank will be offering world class banking services to its customers – from basic banking services such as Savings Account, Fixed Deposits, Current Account, Mutual Funds, Lockers, NRI Services, Demat to sophisticated direct access banking channels such as ATM, PhoneBanking, NetBanking. Bank will be offering International Credit and Debit Cards.
Speaking at the inauguration function of the new branch, Mr. Navin Puri, Country Head, Branch Banking, HDFC Bank said, “Growing our network and expanding our reach has been the main focus of the bank. We see high market potential in this area and hence it is important that we further strengthen our presence and reach in Southern India. The new branch will offer a wide range of corporate and retail banking services. We are committed to offer our customers, world class financial products and services”.
Mr. C.S. Gopinath, Regional Head, A.P. & Chennai, HDFC Bank said, "We have received tremendous support from our customers in the South over the years. We would like the residents of Chennai to personally experience our excellent services and products much closer to home and make it a grand success."
Tuesday, August 19, 2008
HDFC Bank to increase branch network in north to increase access rural areas
HDFC has been working on increasing its access in rural areas. Following on this strategy bank will be carrying out a rationalization and integration of its branch structure in the northern region in view of merger with Centurion Bank of Punjab (CBOP) this year.
"We are at the planning stage of rationalizing and integration of our branch network in north in wake of merger with CBOP in a bid to enhance our penetration especially in rural areas," HDFC Bank, Regional Head- North, Govind Pande said here today.
During this exercise bank will be carrying out a survey in which it will be identifying the branches of CBoP (which are now with HDFC) and HDFC bank in same area and then will be relocating one of the branches in other areas.
"There is no point in having two branches of CBoP and HFDC at one area. Therefore, we will see where one branch could be relocated and our effort would be to relocate in rural areas," he said.
He informed that as such before the merger, CBoP was having a stronghold in the north (with over 100 branches in Haryana, Punjab, Chandigarh), in fact this exercise will be mainly concentrated to northern region only.
HDFC Bank also announced plans to open a new branch here which will be the 29th branch in Chandigarh, Panchkula and Mohal region.
"We are at the planning stage of rationalizing and integration of our branch network in north in wake of merger with CBOP in a bid to enhance our penetration especially in rural areas," HDFC Bank, Regional Head- North, Govind Pande said here today.
During this exercise bank will be carrying out a survey in which it will be identifying the branches of CBoP (which are now with HDFC) and HDFC bank in same area and then will be relocating one of the branches in other areas.
"There is no point in having two branches of CBoP and HFDC at one area. Therefore, we will see where one branch could be relocated and our effort would be to relocate in rural areas," he said.
He informed that as such before the merger, CBoP was having a stronghold in the north (with over 100 branches in Haryana, Punjab, Chandigarh), in fact this exercise will be mainly concentrated to northern region only.
HDFC Bank also announced plans to open a new branch here which will be the 29th branch in Chandigarh, Panchkula and Mohal region.
Thursday, August 14, 2008
HSBC launched 'HSBC Direct' for SMEs
HSBC, foreign lender Hongkong and Shanghai Banking Co on Tuesday launched a new current account 'HSBC Direct'. The new account will be targeting small and medium enterprises.
Bank sources said in this new account a host of services will be given to the account holders. The bank is optimistic of getting more customer base in this segment.
"We hope to grow faster in gaining SME customer base after this new product. Currently, we are increasing our customer base by 10-15 per cent per month," HSBC India head SME business, B Khanna said here today.
Khanna gave the gross revenue figures for 2007 and said from SME it was Rs 300 crore but he did not gave out the revenue of the total commercial banking during the year.
Official Website: www.hsbc.co.in
Bank sources said in this new account a host of services will be given to the account holders. The bank is optimistic of getting more customer base in this segment.
"We hope to grow faster in gaining SME customer base after this new product. Currently, we are increasing our customer base by 10-15 per cent per month," HSBC India head SME business, B Khanna said here today.
Khanna gave the gross revenue figures for 2007 and said from SME it was Rs 300 crore but he did not gave out the revenue of the total commercial banking during the year.
Official Website: www.hsbc.co.in
Sunday, August 10, 2008
HDFC Bank, BoB hike rates
The country’s second largest private lender HDFC Bank and public sector players Bank of Baroda (BoB) and United Bank of India raised their prime lending rates by 50 to 75 basis points.
HDFC Bank raised its PLR by 50 basis points to 16.50 per cent 10 days after the Reserve Bank of India announced further monetary tightening in an attempt to fight inflation. The central bank had decided to raise the repo rate and the cash reserve ratio to 9 per cent each.
The private player raised the interest rate payable on deposits with maturities of over one year by up to 50 basis points. A deposit of over one year will earn at least 9 per cent per year, according to information posted on the HDFC Bank website.
The two public sector banks, however, did not hike deposit rates and also decided to keep home loans up to Rs 30 lakh – both new and existing -- outside the ambit of the latest revision. Are you looking for HDFC Home Loan rates which have been updated recently just check them here because before applying for the loan you need to verify the interest rates of that particular bank because once you select the loan it's very hard to switch the scheme.
Now, almost all banks – barring the country’s largest lender State Bank of India – have taken a cue from RBI’s monetary tightening and raised lending rates. While sources said SBI is expected to announce a 50 basis point increase, a formal word is awaited.
“This revision in lending rates has been done to partially overcome the adverse cost and profitability implications arising from monetary policy tightening measures announced by RBI,” BoB said.
While an HDFC Bank spokesperson did not share details, BoB said the cost of new home, auto and other consumer loans will go up 50 basis points.
HDFC Bank raised its PLR by 50 basis points to 16.50 per cent 10 days after the Reserve Bank of India announced further monetary tightening in an attempt to fight inflation. The central bank had decided to raise the repo rate and the cash reserve ratio to 9 per cent each.
The private player raised the interest rate payable on deposits with maturities of over one year by up to 50 basis points. A deposit of over one year will earn at least 9 per cent per year, according to information posted on the HDFC Bank website.
The two public sector banks, however, did not hike deposit rates and also decided to keep home loans up to Rs 30 lakh – both new and existing -- outside the ambit of the latest revision. Are you looking for HDFC Home Loan rates which have been updated recently just check them here because before applying for the loan you need to verify the interest rates of that particular bank because once you select the loan it's very hard to switch the scheme.
Now, almost all banks – barring the country’s largest lender State Bank of India – have taken a cue from RBI’s monetary tightening and raised lending rates. While sources said SBI is expected to announce a 50 basis point increase, a formal word is awaited.
“This revision in lending rates has been done to partially overcome the adverse cost and profitability implications arising from monetary policy tightening measures announced by RBI,” BoB said.
While an HDFC Bank spokesperson did not share details, BoB said the cost of new home, auto and other consumer loans will go up 50 basis points.
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