Date:22/08/2008 URL: http://www.thehindu.com/2008/08/22/stories/2008082254711000.htm

Andhra Pradesh - Hyderabad

HSBC product for small businesses gets good response

Special Correspondent

HYDERABAD: The response to ‘HSBC Direct for business’ product launched recently for small businesses was better than expected, the bank’s head, SMEs (commercial banking) Bhuvnesh Khanna said here on Thursday.

He said the product was launched in India on a pilot basis and would be rolled out in other Asian countries soon.

It provides 24 X 7 service to small businesses having a turnover of up to Rs. 50 crore on internet, telephone and ATM.

He said that HSBC had around 50,000 accounts of small businesses last year and the customer base in this sector was growing by 8 to 10 per cent each month.