Atanu Chakraborty, part-time chairman of HDFC Bank, emphasised the bank's strategy to overcome challenges in deposit growth by focusing on personalised customer experiences. Speaking at the bank’s 30th annual general meeting (AGM) on August 9, Chakraborty highlighted that building trust and fostering long-term relationships with customers are central to the bank's approach.
“Elevating customer service and refining customer journeys are top priorities for us,” Chakraborty said. He noted that HDFC Bank is committed to creating tailored experiences that strengthen customer trust and loyalty, which is expected to address the current challenges in deposit accumulation.
His remarks come at a time the banking sector is experiencing sluggish deposit growth, partly due to the increasing attractiveness of alternative investment options for household savings.
This week, Reserve Bank of India (RBI) Governor Shaktikanta Das urged banks to innovate their product offerings and leverage their branch networks to attract more household savings as deposits. This directive aims to address the slow deposit growth and the widening gap between credit and deposit growth, which raises concerns about liquidity management.
HDFC Bank’s Managing Director & CEO, Sashidhar Jagadishan, previously noted in the bank’s annual report that the institution plans to grow its loans at a slower rate compared to its deposits, aiming to reduce its high credit-deposit (CD) ratio to pre-merger levels.
Chakraborty highlighted that the successful merger of the erstwhile housing finance major HDFC Ltd into HDFC Bank on July 1, 2023, has significantly enhanced the lender’s ability to serve its existing customers, acquire new customers and provide all customers a wider spectrum of financial services, which are being offered by various companies of the HDFC Bank group.
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