HDFC opens branch in Mangalore

Mangalore: HDFC has opened a branch in Mangalore. This branch will service areas ranging from Udupi, Manipal and Puttur to Chikmagalur, apart from Mangalore.

Addressing a press conference here, HDFC executive director R V S Rao said its Bangalore branch, which caters to Karnataka and Goa regions, has approved housing loans worth Rs 340 crore during the current year.

It has also sanctioned Rs 210 crore to the Karnataka government (the largest loan to any state government in the country) for providing financial assistance to its employees to meet their housing needs.

According to Rao, HDFCs cumulative loan approvals, which crossed Rs 37,000 crore as on 31 December 2001 (with disbursements at Rs 30,000 crore), have benefited over 1.9 million households across the country.

For the nine months ended 31 December 2001, loan approvals were Rs 6,137.09 crore (Rs 4,716.04 crore), registering a growth of 30 per cent. Disbursements registered a growth of 29 per cent from Rs 3,833.64 crore to Rs 4,951.75 crore.

HDFC also claims to be the largest mobiliser of retail deposits outside the banking circle in the private sector. As of 31 December 2001, its deposit base was Rs 8,500 crore from 1.2 million depositors.