HDFC talks to Punjab govt for biz growth

Last Updated: Thu, Nov 22, 2012 19:40 hrs

The sluggish growth of the economy coupled with a low credit offtake has made the banking sector knock the doors of state governments for help. Aditya Puri, managing director, HDFC Bank, on Thursday called on Punjab Deputy Chief Minister, Sukhbir Singh Badal, and assured total support of the bank in execution of all development related projects in the state besides offering a composite package for upliftment of below poverty line (BPL) families.

Calling on the deputy chief minister, Puri informed that the HDFC Bank has chalked out a plan, which he said would be beneficuial for BPL families. The bank has proposed a package under which right from the planning of self employment venture, setting of such venture, procurement of raw material upto arranging fruitful marketing of their end products, banks would, besides providing working capital support, would also become partner in the progress of that venture.

He said under the infrastructure development plan, the bank was willing to support all infrastructure projects being executed in the state. He said Punjab was the largest and the fastest growing economy in the country and HDFC Bank wants to become a partner in the progress story.

Such an initiative from a leading private bank can be a boon for the Punjab economy that is going through a severe financial crunch.

Prominent among those who were present in the meeting included PS Aujla, principal secretary to the deputy chief minister, Manvesh Singh Sidhu and Ajay Kumar Mahajan, both special principal secretaries to the deputy chief minister.

From the bank’s side, Gobind Pandey and Iqbal Singh Laali, both regional heads, accompanied Puri.

More from Sify: