9.3 % annual growth in Haryana economy

By Haryananewswire

CHANDIGARH, AUG 29

 Haryana's economy has grown at an average annual rate of 9.3 per cent in the last seven years and an efficient banking system that includes the rural economy is a necessity to achieve this level of holistic economic growth.

This was stated by Haryana Chief Secretary Mr. P K Chaudhery while inaugurating 18 rural branches of HDFC Bank here today.

The Chief Secretary said that with the launch of 18 rural branches in Haryana today, the total network of the HDFC braches in the state has now become 200 branches. He said that 18 new branches, of which 14 are in unbanked locations, will bring formal banking solutions to around 90,000 people in the state. 

The Bank has doubled its branch network in the state in the past two years, being the first to take formal banking experience to a number of villages. With increased branch density, the Bank now has a branch at an average distance of every 10 kms in Haryana. With this, the Bank now has about 65 per cent of its network dedicated to semi-urban and rural areas of Haryana.

Speaking at the launch, Country Head, Branch Banking, HDFC Bank, Mr. Navin Puri said that our expanded 200-branch network enables us to bring our full range of banking solutions to a significantly larger number of people in deeper parts of the state. This brings us closer to the people of Haryana and allows us to be a part of their everyday life. At a national level, the Bank has 53 per cent of its branches in semi-urban and rural areas and is continuously extending its reach in the hinterland in its endeavour to support inclusive growth.

Branch Banking Head Ms Smita Bhagat, and other senior officials of the bank were also present on this occasion.