Separator

HDFC Bank welcomes govt. approval on its fund-raising proposal

Separator
CEO Insights Team

CEO Insights Team

Mumbai, June 14, 2018: HDFC Bank Ltd. welcomes the government’s approval for its proposed capital raising of Rs. 24,000 crore. This decision comes against the backdrop of an expected pick-up in credit growth driven by consumption led demand and a recovery in the investment cycle.

“We are delighted to hear that the government has approved our capital raising proposal. The additional


capital will go a long way in supporting our growth plans over the next few years, especially in semi-urban and rural India,” said Mr. Paresh Sukthankar, Deputy Managing Director, HDFC Bank Ltd.

“We do believe this decision bodes well for the overall investment climate and foreign inflows as well,” Mr. Sukthankar added.

Click here to watch the video message from Mr. Sukthankar.

As this was an FDI proposal in excess of Rs 5,000 crore not under the automatic route, it required approval from the Cabinet Committee on Economic Affairs(CCEA). The government granted this approval as detailed in its press release issued on Wednesday.

As of March 31, 2018 the Bank had a network of 4,787 branches and 12,635 ATMs and had 4.3 crore customers across 2,691 Indian towns and cities. The Bank’s balance sheet for the year stood at Rs 10.63 lakh crore.