The bank has offered advances to over 60,000 MSME units in the state so far
No 2 bank for MSMEs in Tamil Nadu with over 10% market share
Chennai, December 15, 2021: HDFC Bank’s MSME loan book in Tamil Nadu has crossed the milestone of Rs. 20,000 crore. As of September 30, 2021, the bank’s Micro, Small, and Medium Enterprises book for Tamil Nadu stands over Rs. 20,000 crore. It is now the 2nd largest bank for MSMEs in the state with a market share of over 10% per cent.
HDFC Bank started offering advances to MSMEs in Tamil Nadu in the year 2004. In the last 17 years in the state, the Bank has offered advances and supported growth plans of over 60,000 MSME enterprises. These enterprises demonstrate the spirit of entrepreneurship that form the backbone of economic growth in more than 162 cities and towns covering 37 districts, of the state of Tamil Nadu.
Further, HDFC Bank has supported over 5,300 enterprises in the Government of India’s ECLGS scheme.
“We thank our customers for the trust reposed in the bank,” said Mr. Arun Aravind, Head, Business Banking – Tamil Nadu, HDFC Bank. “MSMEs are the backbone of the economy and are amongst the largest job creators. We are proud to have been a partner in their growth journey with our world-class products. Benefiting from the conducive policy environment, the enterprising state of Tamil Nadu presents opportunities for MSMEs and banks alike. To meet these requirements, we’ll expand to 20 locations in the state as well as increase our digital footprint in the state.”
The Bank has a strong suite of products and services. Some of them are:
| Cash Credit and Working Capital Loan | Term Loan |
|---|---|
| Overdraft Against Property | Export Finance |
| Bank Guarantees / Letter of Credit | Purchase Order Financing / Bill Discounting / Invoice Financing |
| Treasury Products and Services | Cash Management Services |
| Private Banking / Wealth Management Services | Corporate Cards and Digital Payment services |
| Investment Banking offerings for MSMEs | Retail Assets Products - Auto Loans / Loan Against Property/Consumer Loans etc to promoters and promoter group |
Majority of these products as well as services can be availed digitally, using the bank’s real-time online solutions – TradeOnNet; Netbanking; and SME Bank. In the MSME business, digital transactions comprise over 50 per cent of the total transactions and on overall basis 92% of transactions are digital for the Bank.
The key sectors to which the Bank has given advances to include:
| Textile | Agri Industry & food processing |
|---|---|
| Metal | Machinery/Equipments/Industial/Electrical Goods |
| Paper / Packaging | Consumer Durables / Electronics / White Goods/Footwear |
| Healthcare and Education | Handicrafts including wooden furnitures |
About HDFC BANK
For more information please log on to: www.hdfcbank.com.
For media queries please contact:
Ravindran Subramanian
Vice President, Corporate Communication
HDFC Bank Ltd., Mumbai.
Tel: +91-22-6652-7128
Mobile: 9223306610
Ravindran.Subramanian@hdfcbank.com
Twitter: @ravisunHDFCBank