HDFC broadened and deepened its large and growing portfolio of rural and agri-business loans in partnership with MSC. We supported the bank through a range of interventions, including designing marketing collaterals to communicate key messages tailored to the target segments. HDFC Bank introduced several products for the rural segments.
MSC partnered with HDFC Bank to broaden and deepen its large and growing portfolio of rural and agri-business loans. In addition, the bank sought greater outreach to the bottom-of-the-pyramid markets.
MSC supported the bank through a range of interventions. These started with the design, development, and implementation of a below-the-line (BTL) communication and marketing strategies for rural and agri-banking. The MSC team then designed BTL marketing collaterals that covered visual aids, signage, and point-of-sale material for HDFC agency points to communicate key messages tailored to the target segments. We also developed a mobile-van campaign for rural coverage. MSC and HDFC Bank teams and agents jointly executed marketing campaigns in select districts of Uttar Pradesh in India.
By 2018, 53% of the branch and agent network of HDFC Bank was semi-urban or rural. HDFC Bank had introduced several products for the rural segments, such as agri-loans, cattle loans, tractor loans, Kisan (farmer) credit cards, small working capital loans, and small savings and micro-insurance products. These were exhibiting rapid year-on-year growth, while 83% of the retail customer transactions occurred through Internet or mobile banking and only 8% through branches.