HDFC Bank bags ‘best bank in India’ title
MUMBAI: HDFC Bank has been recognised as the ‘Best Bank in India’ by global magazine FinanceAsia. The bank was adjudged as India’s top bank at the publication’s ‘Country Awards for Achievement 2019’ for “maintaining an impressive growth trajectory and strong asset quality.”
In its editorial on the bank, FinanceAsia states, “HDFC (Bank)’s proven ability to balance growth with adequate controls is one of the main reasons why investors continue to rate the bank in the face of an aggressive expansion strategy. For the bank is using its highly regarded digital platform as a springboard to accelerate customer acquisition and production penetration.”
The magazine delves into the bank’s recently launched a five-pillar programme to double branch level productivity, ramp up its presence in semi-urban and rural areas, extend its virtual relationship manager programme, enhance its payments leadership and accelerate digitisation.
“(HDFC Bank) is set to open more than double the 300 branches it rolled out during the 2019 financial year. Over the next few years, it also plans to expand its virtual relationship managers from 5.7 million to 20 million,” the magazine wrote in its latest issue.
FinanceAsia’s annual ‘Country Awards for Achievement’ recognises outperforming banks from countries in the Asia Pacific region. The magazine bestows the recognition on the banks after taking into consideration their performance, vision, and long-term strategy.
The award was accepted on behalf of the bank by Rahul Bhandari, Alt. Chief Executive, HDFC Bank, Hong Kong at a function organised on Thursday in Hong Kong.