Adding to its already existing branch network of 3,119, the Housing Development Finance Corporation (HDFC) Bank is to open 300 new branches across India despite the economic slowdown and a sluggish demand for credit. The bank said that the bank is waiting for the approval of the Reserve Bank of India over the new branches and is hoping to strengthen its presence in retail banking.
The bank recently opened its 18 rural branches in Haryana.
The bank said it is aware of the low demand for credit and the growth of the bank was correlated to the growth of country’s economy. The geographical spread of the branch network, it said, would aid to meet the loss in business due to the sentiments created by a gloomy economic outlook.