HDFC Bank Expects SME News to Grow Faster in 3-5 Years

HDFC Bank Expects SME  News to Grow Faster in 3-5 Years

The Jefferies report added that HDFC Bank’s management said it continues to work with the Reserve Bank of India (RBI) to resolve the digital banking issue and at the same time build more robust platforms. “On the client side, the bank is largely comfortable as 85% of retail clients work with corporates rated AA and above, where job losses have been low, SMEs were better prepared than in the past, and larger corporates have better liquidity in their balance sheet,” Jagdishan was quoted as having said. “While tech outages are a normal business risk for any bank or financial company, (the) bank could have built a system to ensure faster recovery here,” the report said.

In April, HDFC Bank announced an internal reorganization that would see it form three distinct focus areas, namely, business verticals, delivery channels, and technology. It has named this exercise, Project Future-Ready. As part of the reorganization, Shukla is now responsible to drive the commercial banking and rural vertical. “(The) bank is cognizant of the asset quality risks associated with this segment and hence will keep underwriting and collection teams tighter,” it said.

Jagdishan told analysts that while the bank had taken a cautious view over the past one to one-and-a-half months in the light of covid-19 and its impact on staff and clients, the falling infection rates and vaccination are supporting the opening-up of the bank. The field staff, including sales and collections, are more comfortable taking outbound responsibilities, he said. The management told analysts that recent changes in the management structure were aimed to facilitate a far more focused approach towards execution in this vertical and Rahul Shukla will drive growth in the business. The bank expects the SME business to be the fastest-growing segment over the next three-five years.

* Enter a valid email * Thank you for subscribing to our newsletter. Subscribe to Mint Newsletters

HDFC Bank was ordered to halt launching new digital banking initiatives and freeze credit card issuance until the lender addresses the lapses that led to a series of glitches. RBI issued the 2 December order after outages on the internet and mobile banking systems over the past two years. Before the ban, the bank had been adding over 100,000 credit card customers every month between April and November last year. On the fintech side, the bank plans to build partnerships with platforms that can help to bring together scale and seamless experience.

The News Highlights

  • HDFC Bank Expects SME News to Grow Faster in 3-5 Years
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Review of the TP-Link Deco X90 AX6600 Whole Home Mesh Wi-Fi System
Review of the TP-Link Deco X90 AX6600 Whole Home Mesh Wi-Fi System
Stylish Cylinders The Deco X90 consists of two identical cylinder-shaped nodes that combine to provide up to 6,000 square feet of coverage (just a bit more ...
Alternative Financing Options Create Opportunities for African Businesses
Alternative Financing Options Create Opportunities for African Businesses
SOURCE The Infinity Group In the past year, for example, The Infinity Group has helped numerous fast-growing companies on the continent secure financing ...
The MacBook’s Evolution – New York Daily News
The MacBook’s Evolution – New York Daily News
But not all of Apple’s products started off as instant successes. Back in the ’80s, there was a lot of research and development — as components weren’t as ...
Nintendo to Remove ‘Dr Mario World’ From Phone Markets
Dr. Mario World game Will be discontinued in November 2021
“Thank you for playing the Dr. Mario World game,” Nintendo notes. “The Dr. Mario World game’s service will end on November 1, 2021 (Mon). We would like to ...
Financial results for the 2nd quarter of 2021
Financial results for the 2nd quarter of 2021
Sale of 4 properties to Reitir at the end of the quarter. All conditions of the sale are expected to be fulfilled in Q3 2021. Estimated gain from the sale is ...
Lamar Jackson and Gus Edwards placed on COVID-19 list
Lamar Jackson and Gus Edwards placed on COVID-19 list
“I think 85% of the league is vaccinated. I believe this team is even higher than that. And so, the majority of the guys are going to be able to have the ...
Sports Tuesday at a Glance
Sports Tuesday at a Glance
On Wednesday, Biles withdrew from Thursday’s all-around competition to focus on her mental well-being. Biles is the latest in a series of high-profile ...
Inslee to hold press conference on COVID-19’s ongoing response
Inslee to hold press conference on COVID-19’s ongoing response
This is a developing story. KOIN 6 News will provide updates as new information becomes available. Meanwhile, the Oregon Health Authority updated its guidance ...
Department of Business and Consumer Protection begins investigating Adelove Shipping, which is accused of robbing people – Chicago news
Department of Business and Consumer Protection begins investigating Adelove Shipping, which is accused of robbing people – Chicago news
However, at last check, the sign was still outside. MORE NEWS: With COVID On Rise, Some Bars Are Willing To Require Proof Of Vaccinations To Avoid Another ...
Edmunds Guide to Vehicle History Reports
Edmunds Guide to Vehicle History Reports
Keep in mind that no report is perfect. It’s only as good as the incidents that have been reported to the database. If, for example, someone gets into a ...
Show next
Compsmag - Latest News from tech, business and health
Logo