The new branches of HDFC Bank will be “phygital” relationship centres: MD Sashidhar Jagdishan

Bank plans to establish up to 2,000 branches in FY23 and announce a new collaboration every three weeks: HDFC Bank MD Sashidhar Jagdishan

HDFC Bank’s Managing Director and Chief Executive Officer Sashidhar Jagdishan said in the bank’s FY22 annual report that the lender will form new partnerships for loans, credit cards, and deposit products every three weeks and will open between 1,500 and 2,000 branches per year for the next three to five years.

“The branch will be digital from a customer on-boarding and transaction/servicing perspective. It will provide the emotional connect and relationship management necessary for offering financial solutions to our customers. These branches will be small in size and will be phygital relationship centres,” Jagdishan said.

“This will enable us to go after the catchment more aggressively and build the required liability franchise that we are known for, and we are confident that we would execute well,” he added.