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HDFC Bank is hiring 500 more relationship managers this fiscal as the bank is expanding its MSME coverage to 575 districts.
The headcount addition will take the bank’s Micro, Small and Medium Enterprises (MSME) vertical strength to 2,500. As of June end, the HDFC Bank’s employee strength stood around 1.23 lakh.
The bank’s MSME vertical covers 545 districts now with dedicated relationship managers and supervisors, which will be expanded to 575 districts or more by the end of this fiscal.
After reclassification and the resultant tagging of wholesaler and retailer loans under the MSME book, the bank closed the MSME book at Rs 2,01,833 crore in March 2021 quarter, marginally up from Rs 2,01,758 crore in December 2020, when it grew by over 30 per cent.
The government recently asked MSMEs to be re/de-classify themselves based on their turnover and get a Udhyam registration certificate.
The bank’s MSME portfolio is spread across sectors like textiles, fabrication, agri-processing, chemicals, consumer goods, hotels & restaurants, auto components, pharma and paper industry, and also include the entire selling chain ranging from wholesalers, retailers, distributors, stockists and supermarkets.