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HDFC Bank Becomes First Private Bank to Open Branch in Lakshadweep

Private lender HDFC Bank has opened a branch at Kavaratti Island in Lakshadweep, making it the only private sector bank to have a presence in the Union Territory. This branch is aimed at upgrading the banking infrastructure in Lakshadweep by offering a wide range of services with a focus on personal banking and digital banking solutions. The branch will provide customized digital solutions, including QR-based transactions for retailers, to cater to the financial needs of individuals, families, and businesses in the region.

Expanding Reach Across India

  • HDFC Bank has been steadily expanding its distribution network, with branches now located in the cold climes of Kashmir, the southern tip of Kanyakumari, and the island of Lakshadweep, a prominent tourist destination.
  • As of December 31, 2023, HDFC Bank’s distribution network stood at 8,091 branches and 20,688 ATMs across 3,872 cities or towns, up from 7,183 branches and 19,007 ATMs across 3,552 cities or towns as of December 31, 2022.
  • Notably, around 52% of HDFC Bank’s branches are located in semi-urban and rural areas, reflecting the bank’s commitment to serving customers across India.

Significance of the Lakshadweep Branch

  • The inauguration of HDFC Bank’s branch in Lakshadweep is a significant milestone, as it marks the entry of a private sector bank into the Union Territory.
  • The branch is expected to play a crucial role in upgrading the banking infrastructure and offering a wide range of financial services to the residents of Lakshadweep.
  • By providing digital banking solutions and customized services, HDFC Bank aims to cater to the unique needs of individuals, families, and businesses in the region, thereby promoting financial inclusion and economic development.

Important takeaway for all competitive exams

  • HDFC Bank CEO: Sashidhar Jagdishan (27 Oct 2020–);
  • HDFC Bank Founded: August 1994, Mumbai;
  • HDFC Bank Headquarters: Mumbai.

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