HDFC Bank records 55.4% YoY growth in gross advances in Q4FY24
Bank’s advances inched up 1.6% from Rs 24.69 trillion at the end of December 31, 2023 (Q3 FY24).
HDFC Bank on Friday launched ‘Shaurya KGC Card’, a loan product for armed forces personnel and their families that are engaged in agricultural activities. The product is based on the Kisan Credit Card guidelines by the government and comes with certain unique features specially crafted for over 45 lakh Indian armed forces personnel.
Key benefits of Shaurya KGC Card:
*It provides a life cover of Rs 10 lakh as against Rs 2 lakh for an average card.
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*Simple and easy documentation that doesn’t require the personnel’s physical presence to accommodate nature of his job and his availability.
*It will provide finance for agricultural requirements like production of crop, post-harvest maintenance and consumption needs.
*The card can also be used to purchase farm machinery, irrigation equipment or construct storage structures.
The Shaurya KGC Card was launched during a digital ceremony from Mumbai.
Speaking on the occasion, HDFC Bank managing director Aditya Puri said, “It’s an absolute honour to launch this product for the armed forces and their families. Coming from an Air Force family, I have seen from close quarters the sacrifices they make and hardships they go through — the personnel on duty and their families back home.”
“I feel like my career is complete now that we’re able to do something for them. With this, we have an equally good product for armed forces brethren as we have for farmers. This is our Independence Day gift to our protectors,” Puri added.
This launch is part of the bank’s ‘Har Gaon Hamara’ initiative to provide banking facilities to customers in the rural and under-served areas of the country.
The bank has already disbursed over five lakh agri-loans and has set up 12 Krishi Dhan Vikas Kendras across India, said the statement.
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