Outgoing CEO of HDFC Bank Aditya Puri told CNBC-TV18 that some slowdown in growth was inevitable, and that it had set in even before the pandemic had hit. He said but there was no cause for worry.
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“'Do not worry, we will get our mojo back,” he said.
He said that business had been hit, but there was recovery happening as well.
Talking about HDFC Bank’s business strategy, Puri said that the bank had been making continuous changes to its technology and strengthening its presence in the rural segment too.
He said the bank was well positioned in semi-urban and rural centres, where 60 percent of the country’s population was. He expects 30 percent of the bank’s business to come from digital services and 30-35 percent from rural and semi-urban India.
He said the bank’s strategy was to have a large base, which then would drive growth.
Puri said that in India, demand of financial services exceeded supply, and that banking is a very easy business when demand (for financial services) exceeds supply.
For more, watch the video