Private sector major HDFC Bank today announced the launch of its ‘Pragati’ savings account, targetting semi-urban and rural (SURU) people pan-India, as the lender enhances focus on deposit mobilisation.
“With 51 per cent of its branches in semi-urban and rural areas, HDFC Bank continues to support rural economies and drive financial inclusion. The Pragati Savings Account by HDFC Bank aims to build a comprehensive banking ecosystem for India’s agricultural sector, including farmers (both traditional and those in cattle breeding, fisheries, poultry, and dairy farming), self-employed individuals, rural residents, self-help groups, and cooperatives,” the lender said.
According to the bank, the new product has industry-first features, such as a partnership with BigHaat, aiding 17 million farmers with discounts and access to farming resources for improved productivity. The account has low-maintenance requirements and special benefits for SURU customers.
“Through our Pragati Savings Account, we are introducing several industry-firsts, such as our partnership with BigHaat to empower farmers and rural communities with tools and resources to improve productivity, access credit, and achieve better financial outcomes. We aim to foster an inclusive and sustainable ecosystem that supports rural development and uplifts local communities,” said Parag Rao, country head, payments, liability products, among others.
HDFC Bank’s overall deposits stood at ₹25 lakh crore in Q2FY25, 15 per cent up y-o-y, whereas gross advances rose 7 per cent y-o-y to ₹25.19 lakh crore. To moderate the bank’s credit-deposit (CD) ratio, the bank’s MD & CEO Sashidhar Jagdishan said the lender would post lower loan growth than average banking sector credit growth in FY25, grow loans on par with industry in FY26, and higher than industry level credit growth in FY27.