OREANDA-NEWS. HDFC Bank Ltd today opened its first branch in Varanasi for its holistic microfinance undertaking known as Sustainable Livelihood Initiative (SLI). Through this branch HDFC Bank will be able to reach out to over 5,500 SLI customers in Uttar Pradesh.

HDFC Bank's Sustainable Livelihood Initiative (SLI) is a business model that has helped empower thousands of people, particularly women, in rural parts of India. SLI aims at social and financial empowerment of people at the Bottom of Pyramid by providing holistic delivery of financial & non-financial services.

In addition to disbursing credit to self-help groups (SHG) or joint-liability groups (JLG), the bank goes one step further and offers skills training, credit counseling, financial literacy training and market linkages. This well-rounded approach financially empowers people and brings them into the banking fold.

All of these services will be available to participants at the new SLI branch in Varanasi. The branch is located at Unit no.2, First Floor, Varanasi Trade Center, Plot no 154/2A, Maqbool Alam Road Khajuri, Varanasi-UP-221002. The telephone number for the branch is 05242-2505532 and the branch manager is Mr Sudhir Dubey. The branch will remain open six days a week.

The new SLI branch in Varanasi was inaugurated by Mr. Pranjal Yadav, District Magistrate of Varanasi, in the presence of local dignitaries and senior bank officials.

HDFC Bank is reaching out to more people in Uttar Pradesh through its Sustainable Livelihood Initative, which allows the bank to go further into the hinterland and service the unique requirements of people at the Bottom of the Pyramid.

Speaking about the launch, Mr. Manohara Raj, Head - Sustainable Livelihood Initiative,, HDFC Bank, said: "Minimal knowledge about banking, lack of financial literacy and unfamiliarity with the formal banking sector contributes to financial exclusion. Through our Sustainable Livelihood Initiative, we are committed to providing not only credit disbursal to people at the Bottom of the Pyramid, but also the skills and knowledge required to help them generate a sustainable income, thus making a difference to their lives. We are pleased to note that, to date, the Bank has been the catalyst for change in the lives of 30 lakh households"

Mr Arun Mediratta, Regional Head, HDFC Bank said, " The launch of this new branch dedicated to our SLI customers reiterates our Board level commitment to bring about a change in the lives of 5 crore individuals. We want to take formal banking services to every part of the state, particularly the unbanked and under-banked areas and bring more people into the banking fold."

As of June 30, 2014, the Bank had a distribution network with 3,488 branches and 11,426 ATMs in 2,231 cities/towns. At a national level, the Bank has 55% of its branches in semi-urban and rural areas and is continuously extending its reach in the hinterland in its endeavour to support inclusive growth.