HDFC Bank on Sunday said it plans to organise 1,000 grameen loan melas over the next six months in a bid to expand its retail portfolio. These grameen loan melas (or village loan fairs) will be held across more than 300 districts and cover around 6,000 villages across India, HDFC Bank said in a statement.
Just like a traditional village fair, the grameen loan mela will be a one-stop shop for people from the surrounding five or six villages to access the entire range of the bank's products, it said. Customers can avail of tractor, auto, two-wheeler and agri loans or open current or savings accounts, it said. Besides, self help groups (SHGs) can avail of finance through the bank's Sustainable Livelihood Initiative.
The loan melas will also serve as a platform to educate the local populace about banking services. In a bid to boost credit flow, the government on Thursday asked public sector banks to hold loan melas in 400 districts to lend to desirable shadow banks and retail borrowers.