HDFC Bank, India’s leading private sector bank, announced the launch of its Pragati Savings Account, designed specifically to meet the banking needs of rural and semi-urban people across India.
“HDFC is committed to financial inclusion and agricultural empowerment. Through our
Pragati Savings Account, we are introducing several industry-firsts, such as our partnership
with BigHaatto empower farmers and rural communities with tools and resources to improve productivity, access credit, and achieve better financial outcomes. We aim to foster an inclusive and sustainable ecosystem that supports rural development and uplifts local
communities.” said ,Mr Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing.
With 51 per cent of its branches in semi-urban and rural areas, HDFC Bank continues to
support rural economies and drive financial inclusion. The Pragati Savings Account by HDFC Bank aims to build a comprehensive banking ecosystem for India’s agricultural sector, including farmers (both traditional and those in cattle breeding, fisheries, poultry, and dairy
farming), self-employed individuals, rural residents, self-help groups, and cooperatives.
HDFC Bank’s 4600+ branches in semi urban and rural locations will act as touch points to
leverage the product to reach about two thirds ofIndia’s population, driving rural economic
development. Further, the new offering will bring many industry-first features, such as a
partnership with BigHaat, empowering over 17 million farmers with discounts and access to
farming resources for improved productivity.
In addition, the Bank brings wide range of curated propositions including Discounted Asset
offers on Two-wheeler Loan (TWL), Tractor Loan (TRL), Gold Loan, KISAN Gold Card (KGC) products and Cattle insurance in partnership with HDFC Ergo General Insurance Company Limited. In addition, eligible customers will have access to Bank’s unique offering –Vishesh, a curated HNI offering for SURU customers, to cater to the rising strata of agriculturists with different needs.
HDFC Bank’s Pragati Savings Account aims to bridge the financial services gap for the
agricultural community by offering tailored solutions, including savings accounts, credit support, digital banking tools, insurance, and access to government subsidies. Aligned with the bank’s focus on promoting rural digitization, the initiative empowers farmers and rural
residents with better access to farming techniques, quality inputs, and financial resources,
driving financial inclusion and fostering sustainable growth in rural areas.