HDFC Bank: India’s best SME bank

HDFC Bank has recently beencrowned ‘India’s Best Bank for SMEs’ at the Asiamoney Best Bank Awards 2021. The magazine said on its website, “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 further wrote, “The numbers are impressive. Advances to MSMEs stood at Rs. 2.02 trillion (USD28 billion) as of December 31, 2020, up 38% from a year earlier and representing a compound annual growth rate of 23% 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.”

“We are so excited to see our work in the SME business getting recognized and are happy that we have been able to contribute to this important sector,” remarked Rahul Shukla, Group Head -Wholesale Banking, HDFC Bank. “SMEs are the engines of economic growth and partnering with them helps in overall prosperity of the nation. With our strong suite of products and which can be accessed conveniently we believe that we are well positioned to be their partner of choice.”