Finance Minister Abdul Rahim Rather on Wednesday inaugurated HDFCs 49th branch in J&K at Narwal in Jammu. The bank plans another 10 branches besides adding 30 ATMs to its 130 ATM network by March 2013.
HDFC Bank has reported deposits worth Rs 909 crore and advances of Rs 365 crore that makes a 37% Credit Deposit Ratio (CDR) up to November 2012 against an assigned target of 40% CDR, a statement issued by the J&K government said.
Bank’s State Head VP Zubar Iqbal has assured that the Bank would achieve its assigned target of 40% CDR by the end of current financial year. He said more than 1000 educated un-employment youth of the State have been recruited in various branches of the Bank so far. Narwal was the sixth branch opened during last two days. Yesterday one branch each was started at Rajouri and Poonch whereas four new branches were inaugurated at Satwar, Doda, Bhaderwah and Narwal today.
Rather appreciated the bank for providing better banking service and employment to a considerable number of youth besides offering stiff competition to other banking institutions. He assured all possible assistance to the bank and asked its management to bring remote and rural areas also under its ambit.