HDFC Bank growing at noticeable rate in J&K.

Having a customer base of 45285, with a deposit tune of 289.16 crores, growing at a noticeable rate of 40% on year-on-year basics the HDFC bank in valley is going to spread its operations to small towns in near future this was stated by the cluster head of the bank in the valley Mr. Zubair Iqbal

Terming the response of the people towards HDFC as encouraging Zubair Iqbal said that people has felt the difference between HDFC and other banks operating in the valley and local people are impressed by the world class services and the new banking attitude introduced by HDFC bank. The bank is having a network of six branches in the valley including Varmul and Anantnag districts the bank is going to spread its network to other districts in valley n the next fiscal, besides that the bank is going to open 7 new off site ATMs across J&K.

Replying to the question on the employment generation in the state, Zubair said that the bank is playing its role in its full capacity to generate employment opportunities in the state, and has already employed 450 professionals in the state in which 262 are from Kashmir division. Terming it as a disinformation campaign launched by some people against bank that the bank is not interested to invest in the state Zubair said that we are providing all financial assistance to our customers in valley and the CD ratio of the bank in the state is 39.56% besides this HDFC has issued highest number of credit cards in the state.

In response to the recent economic crisis world over and the stability of the HDFC bank in the present scenario, he said that the HDFC bank is the strongest bank of the country. Our fundamentals are very strong and the bank as been continuously rated as number one bank by different rating agencies. In November 2008 issue, Business India has rated HDFC as best bank of the year 2008, the HDFC bank deposits programme has been rated as “CARE AAA” by the CARE “Credit Analysis & Research Limited, which represents instruments considered to be “of the best quality, caring negligible investment risk” CARE has also rated the banks Certificate of Deposits (CD) programme “PR 1+” which represents “superior capacity for repayment of short term promissory obligations”. The Fitch Rating India Pvt. Ltd. (100% subsidiary of Fitch Inc.) has assigned the “tAAA (ind)” rating to the banks deposit programme, with the outlook on the rating as “stable”. This rating indicates “highest credit quality” where “protection factors are very high. Zubair added that the recent stock market fall was unprecedented and has effected all the sectors/stocks however the HDFC Bank stock withered the storm to a large extent. HDFC Bank stock has fallen 52% from its peak of Rs.1825 and is quoting at around Rs.900. however the SBI the country’s largest bank has fallen 56% from its peak of Rs.2420 and is presently quoting at Rs.1070, while as ICIC has a fall of 78% and the J&K Bank 73% from its peak of Rs.1005 and presently quoting at around Rs.271 the position of the HDFC stocks is better in comparison to other major banks in the country.

Replying to the question that the HDFC is for classes not for the masses the cluster head said that this is a wrong impression about the bank that we are not for the masses every body is welcomed to take advantage of our services and we have even tailored our services for all sections of the society we have started No frills Saving Account for economically down trodden who can open account with us having Zero balance. The bank has also the privilege of being designated by the government to give Saudi Riyals to Hajis. Apart from giving official quota of 2100 Saudi Riyals, Bank has kept counters at Haj House and Residency Road Branch for exchange of currency. The bank has also got tremendous response for its overdraft limit/loan against Gold Ornaments at competitive rate of interest this scheme is only offered by the HDFC Bank in the state and we already give Rs.5 crore under this scheme besides we have best flexi Current Account for traders wherein people get benefits of free remittance and DDs up to a specified limit, Even remittance to other banks through RTGS are free online plus we have products for Kids, Women, Senior Citizens and Students as well.