HDFC Bank was adjudged the ‘India’s Best Bank for SMEs’ at the Asiamoney Best Bank Awards 2021. In its evaluation the magazine said on its website – “HDFC Bank’s transformation of its micro, small and medium-sized enterprise (MSME) business over the past few years makes it a worthy winner of this award.”
The Annual Best Banks survey of the financial magazine based in Hong Kong, aims to identify which banks in each market have excelled across a range of core banking activities over the past 12 months. Asiamoney’s award decisions were made by a team of senior journalists after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by our editorial committee. Our senior editors also visited each country or territory to meet leading bankers and gather client and competitor feedback.
“The numbers are impressive. Advances to MSMEs stood at Rs 2.02 trillion ($28 billion) as of December 31, 2020, up 38% from a year earlier and representing a compound annual growth rate of 23% in the past six years, which HDFC says makes it India’s second-largest bank for MSME lending. The bank’s management also believes the MSME lending book will soon be larger than the bank’s corporate book,” writes Asiamoney.”