HDFC Bank named India’s Best SME Bank at Asiamoney Awards
Housing Development Finance Corporation (HDFC) bank was named ‘India’s Best Bank for SMEs’ at the Asiamoney Best Bank Awards 2021 on Wednesday.
“HDFC Bank’s transformation of its micro, small and medium-sized enterprise (MSME) business over the past few years makes it a worthy winner of this award,” Asiamoney stated.
The Hong Kong-based survey conducts the Annual Best Banks ceremony to identify banks that excelled in each market over the past 12 months.
“The numbers are impressive. Advances to MSMEs stood at Rs 2.02 trillion (USD 28 billion) as of December 31, 2020, up 38 per cent from a year earlier and representing a compound annual growth rate of 23 per cent in the past six years, which HDFC says makes it India’s second-largest bank for MSME lending. The bank’s management also believes the MSME lending book will soon be larger than the bank’s corporate book,” Asiamoney states.
“We are so excited to see our work in the SME business getting recognised and are happy that we have been able to contribute to this important sector,” said Rahul Shukla, Group Head – Wholesale Banking, HDFC Bank.
“SMEs are the engines of economic growth and partnering with them helps in the overall prosperity of the nation. With our strong suite of products and which can be accessed conveniently, we believe we are well-positioned to be their partner of choice,” he added.
(Edited Gabriel G Momin)