HDFC Bank opens 400th branch in Maharashtra
HDFC bank has come back to where it started for its 400th branch. The bank has opened its 400th branch in Maharashtra. The 400th branch is a two member mini branch which is located at the village of Lonkhairi in the Kampteetaluka of Nagpur district of the state. The village did not have a bank previously. The new branch is built for the 2,000 population in and around Lonkhairi. There are approximately 350 families in the village and the economy is mainly based on agriculture.
During the past five years, HDFC has more than doubled its branch network in Maharashtra. The bank has opened its first branch at Sandoz House in Mumbai, Maharashtra. That was in the year 1995. The mini branch system is one of the new models that the bank has created. The aim of this new model is to take banking to places where banking is not properly available.
The mini branch is cost effective, and space efficient. It minimizes the technology and infrastructure thereby reducing the cost. There are only two people working in this mini branch. This mini branch works closely with the nearest large branch.