HDFC Bank Ltd today announced the launch of 11 mini branches in rural locations across Andhra Pradesh.
Each mini branch, comprising two persons, will complement the bank’s existing traditional branch set up in the state, allowing it to reach out to more people in rural geographies, HDFC said in a statement.
A mini branch is one of the formats introduced by the bank to take formal banking experience to people in unbanked and under-banked areas. It augments the bank’s efforts towards achieving its financial inclusion goal.
HDFC Bank has a board mandated objective to bring 10 million families (40 million Indians) within the banking fold, it said.
With these launches, the bank now has 25 two-person branches in the state. This takes the total number of branches in Andhra Pradesh to 228.
Madhusudan Hegde, branch banking head, HDFC Bank, said the growth of the bank network in Andhra Pradesh reiterates its commitment to support inclusive growth and take banking services to every part of India.
“With the mini branches format, we are able to offer rural customers our full-range of products through a viable model without compromising on the quality of our service offering,” Hegde said.
A mini branch is designed to be cost-effective by maximising efficiency of space, infrastructure, technology and processes.
The product range at a mini branch is comparable to that in a traditional branch and the two members are available to provide customers an array of services.
The two-person branch works closely with the nearest large branch, operating as hub and caters to a particular geography and ensures that all products and services are made available to customers, the release added.