Mumbai: Private sector lender HDFC Bank plans to hold 500 rural loan fairs called as 'Grameen Mega Loan Mahostava' in the next financial year as part of its initiative to reach out to rural customers.
The private sector lender, which has a board mandate to help 10 million families through its viable financing initiatives, disburses loans such as financing for tractors, auto, two-wheelers, commercial vehicles and agriculture in these loan fairs.
"Through viable financing, we give loans to rural customers to be self-dependent. This kind of financing is different from pure consumption loans given to rural customers," managing director and chief executive Aditya Puri told reporters after disbursing loans to rural customers at Dudivada near Vijayawada in Andra Pradesh over the weekend.
The bank, which held its 300th rural loan fair at Gudivada, has already hosted 500 such loan fairs in the past two years.
"Till now, we have reached out to an estimated 62 lakh people in 5,000 villages with viable finance products that help them meet credit needs and move into mainstream banking," Puri said.
HDFC Bank posted a 31.2 percent rise in its net profit to Rs 1,429 crore against Rs 1,090 crore reported a year earlier.
Net interest income of the bank rose by 12 percent to Rs 3,120 crore during this period.