The private sector lender has launched an SME bank which will provide full-fledged digital banking service to small and medium sector enterprises.
SMEs will now be able to avail banking facilities such as forward currency outward remittances, import bill under collection, besides viewing credit lines with the bank and outstanding amount.Businesses will also be able to upload stock statements, insurance financials online without the hassle of visiting a branch.
The bank, which holds 7% of the total SME lending market share, is expecting it to grow at 30% every year. HDFC Bank currently works with over 100 thousand SMEs, and plans to convert 60% of their total transactions digital in the next one year.
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