WILL USE CAPITAL FUNDS TO GROW IN RURAL, SEMI-URBAN POCKETS: HDFC
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A day after getting the Government’s nod to raise up to Rs 24,000 crore capital, private sector lender HDFC Bank on Thursday said it will use the funds to grow in semi-urban and rural pockets.
“The additional capital will go a long way in supporting our growth plans over the next few years, especially in semi-urban and rural India,” its deputy managing director Paresh Sukthankar said in a video message.
He also welcomed the Union Cabinet’s nod and added that the decision bodes will for the overall investment climate as well as foreign inflows into the country.
In a statement, the bank said it had to get the go ahead from the Cabinet Committee on Economic Affairs (CCEA) as this was an FDI (foreign direct investment) proposal in excess of Rs 5,000 crore not under the automatic route.
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