India Post Payments Bank is HDFC Bank’s partner for banking products and services in semi-urban and rural areas

India Post Payments Bank (IPPB) and HDFC Bank have signed a letter of intent to offer the payment bank’s various banking products and services to payment bank’s customers in semi-urban and rural areas, with a focus on non-bank and underserved segments.

Over 4.7 million IPPB customers, nearly 90 percent of whom live in rural areas, are expected to benefit from this partnership.

The strategic alliance will enable IPPB to offer its customers affordable and diversified offerings, including access to finance, through its innovative Doorstep Banking Service. With nearly 2 lakh postal service providers (Postmen and Gramin Dak Sevaks) equipped with micro-ATMs and biometric devices, IPPB caters to the needs and requirements of various customer segments but also aims to facilitate last mile digital adoption by a supported banking model enables. With this partnership, HDFC Bank aims to further strengthen its financial inclusion efforts by leveraging the robust and extensive distribution network of IPPB’s 650 branches and over 136,000 bank access points across India.

Commenting on the MoU, J Venkatramu, Managing Director & CEO, India Post Payments Bank, “By bringing banking directly to customers’ doorsteps, IPPB is constantly transforming and reshaping the landscape of financial inclusion across the country. We aim to build a unified platform that offers various citizen-centric services, including door-to-door loans, by using digital technologies and alternative data sources in collaboration with credit partners. This important partnership with HDFC Bank is a step in this direction towards promoting an inclusive, digitally controlled and social banking ecosystem. ”

Smita Bhagat, Country Head – GIB, CSC, e-Commerce, Start-ups and Inclusive Banking Initiatives Group, HDFC Bank, said: “HDFC Bank has advocated financial inclusion through several initiatives and this partnership is another step in Direction that direction. This alliance will enable us to provide our world-class products and services to millions of IPPB customers in the most remote corners of India. “

This is a significant bond for HDFC Bank as well, as it will help expand its customer reach down to the last mile.

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