HSBC India is shifting its focus to SMEs. Small and medium enterprises or SMEs, also called small and medium-sized enterprises and small and medium-sized businesses or small and medium businesses or SMBs, are companies whose headcount or turnover falls below certain limits.

The bank has just launched an online product for SMEs, whereby the bank would offer facilities such as multiple debit cards, zero balance requirements, free online transactions and free cash withdrawal up to Rs 2 lakh at 23,000 Visa ATMs.

In order to overcome the constraints of a limited branch network and attract more SME clients, the bank has decided to launch another product called HSBC Direct, said Ms Naina Lal Kidwai, CEO and Country Head, HSBC India.

Speaking about the new developments, Ms Kidwai said, “We have a huge focus on SMEs. This way we can get to SME clients through technology.”

This isn’t the first time that the bank is using this new product. After UK and Ireland, India is the third country where HSBC has launched the HSBC Direct.

Speaking about the future of HSBC Direct, Ms Margaret Leung, Group General Manager and Global Co-Head Commercial Banking, HSBC, said that it will next be launched in Hong Kong.

Mr Puneet Chadda, Managing Director and Head of Commercial Banking, HSBC India, said this product would allow multiple channel interfaces also such as Internet and mobile banking.