HDFC Bank unveils digital banking service for SMEs

HDFC Bank unveils digital banking service for SMEs

HDFC Bank unveils digital banking service for SMEs

The country’s second largest private sector lender HDFC Bank on Thursday launched digital banking service for small and medium enterprises(SMEs).

Briefing reporters over video-conference, HDFC Bank Group Head (Business Banking) Aseem Dhru said, “The new service will allow existing clients to access a complete suite of services instantly and round-the-clock on the device of their choice — desktop, laptop, tablet or mobile. This will eliminate the need for SMEs to call a relationship manager or visit a branch.”

However, the existing brick-and-mortar service format for the SMEs will coexist with digital bank, and it would be the sole discretion of customers to choose between the two formats, Dhru added.

The bank has over one lakh SME customers and expects 60% of all types of SME transactions to move online within 12 months. SMEs constitute 15% of its overall loan book as of March 2016.

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