HDFC Bank will maintain an aggressive branch expansion run-rate of 1,400-1,500 in 2023-24 that will see the network rising to 13,000-14,000 as part of its focus on mobilising deposits.
This was disclosed by Sashidhar Jagdishan and other top officials of the country’s largest private sector bank to Motilal Oswal.
Jagdishan added that the lender also has around 500 branches of HDFC Ltd, which will be scaled up over the year.
Furthermore, most of the branches are being opened in the regions where the bank sees healthy liability potential and has limited presence currently.
This comes at a time the bank has decided not to focus too much on affordable housing and infrastructure bonds whose presence will be limited in its overall growth.
The management said that HDFC Bank has one of the highest deposit productivity rates in the industry, and that the productivity of new branches is also tracking well with over 90 per cent of them generating business as per internal projections.
