The banking sector in India has undergone a tremendous change. The addition of various services has worked in their favour. Gone are the days, when their services would be availed only for depositing or withdrawing money. With the advent of services like Internet Banking, ATM etc…they have increased the convenience for customers. In the rural parts of India, banks have gone out of their way to support people. For instance, I came across a very interesting piece of information about Aryavart Gramin Bank. They “tied up with Tata BP Solar to finance “Solar Home Lighting System” for village homes in Uttar Pradesh. It extended finance of around Rs 10,000 with Rs 3,000 as margin money to be contributed by the beneficiary.” It is commendable that banks have stretched the limits of their conventional roles. They seek to serve the customer in an efficient manner. Here is presenting a list of banks that created some ripples in the past year.
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HDFC’s rural plan
HDFC Bank, India’s second largest private bank is definitely looking out to tap the potential of rural India. The interiors of the country seem to be very promising. Financial experts have forecasted that India’s GDP rate can go up to 8 percent, over the next few years. Per capita income has also witnessed a rise. In terms of issuing loans in the smaller cities of India, the bank provides them against gold jewellery. It helps in the recovery of the particular amount as well. With the conception of such strategies, it is no surprise that this is one of the top banks of India. To prove the strength of this point, statistics reveal that the bank’s customer base is approximately 25 million and continues to grow.
State Bank of India’s promising growth
State bank of India is one of the largest public sector banks of India. Its growth prospects seem to be very encouraging. Figures reveal that the bank is anticipating a profit of Rs 15000 crores in comparison to last year’s Rs 11700 crores. Customer reviews have shown appreciation for home loans and corporate loans have been enhanced. The bank has also generated employment opportunities. Recently I read a news report, which stated that the bank will be hiring 1500 probationary officers. It was also reported that the bank would be getting Rs 3004 crores. This move is a part of the capital infusion plan, formulated by the government. This would help in the smooth conduction of national and international procedures.