HDFC Bank’s MSME book grows 30%

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HT Bureau

GUWAHATI, March 19: HDFC Bank is the second largest lender to the MSME segment in India and has been supporting this vital part of the economy during the pandemic. The bank’s loans have grown by 30 percent from December 2019 to 2020 and stand at pre – Covid levels. HDFC Bank ranks amongst top banks in terms of extension of credit under the ECLGS scheme which stood at around Rs. 23,000 crore as on December 31, 2020.

“It is a testimony to our commitment to strengthen the MSME sector. We are aligned with the government’s vision to support the MSME sector which is among the largest job creators and an engine for economic growth. Even during the lockdown, it has been our pride and privilege to serve our MSME customers across sectors/industries during the lockdown, especially so in the semi urban and rural areas,” said Sumant Rampal, senior executive vice president, Business banking and Healthcare Finance, HDFC Bank.

The MSME sector accounts for about 30 percent of the GDP and is one of the largest employers in the country. The bank’s loan book is spread across sectors and geographies. The customers are spread across sectors like textiles, fabrication, agro processing, chemicals, consumer goods, hotels & restaurants, auto components, pharmaceuticals and the paper industry. They also span the entire selling chain ranging from wholesalers, retailers, distributors, stockists and supermarkets.

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