A retail banking initiative called ‘Vishesh’ launched by HDFC Bank

Current Affairs

  • HDFC Bank has launched a retail banking initiative called ‘Vishesh‘ aimed at customers in semi-urban and rural areas. 
  • The bank is hoping to attract around 100,000 new customers through the programme, which involves increasing its branch network and developing bespoke financial products for the market segment. 
  • HDFC Bank plans to add 675 branches in rural and semi-urban areas by 2024, with the total number expected to reach almost 5,000. As of March 31, 52 per cent of the bank’s 7,821 branches are in rural and semi urban locations.
  • The program includes a dedicated personal banker; The facility can be extended for up to 8 family members; concession of Up to 50% off on processing fee and 50% off on valuation (once a year) in gold loans; and up to 50 percent off on processing fee on construction equipment, tractor, personal, business, auto and two-wheeler loans is given.
  • It provides daily hospice cash benefit (up to 5 days), annual preventive health check-up up to Rs.3,000; an annual complimentary and cashless health checkup; Unlimited tele health consultation, and many agritech services like soil testing, agriculture advisory, drone spraying, and agriculture machinery rental through partnerships.
  • Under this program, the private sector lender has put in place a unique customer engagement model, which felicitates rural seniors such as sarpanches, teachers and key officials as they play a vital role in the development and progress of villages.

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