India Post Payments Bank Partners HDFC Bankfor Banking Products & Services in Semi-Urban and Rural Areas

Udaipur : India Post Payments Bank (IPPB) andHDFC Bank have signed a Memorandum of Understanding (MoU) for offeringvarious banking products and services to customers of IPPB in semi-urban and rural areas, focussing on unbanked and underserved segments. Over 4.7 crore customers of IPPB of whom nearly 90% are residing in rural areas are expected to benefit from this partnership.

The strategic alliance will enabeIPPB to provide affordable and diversified offerings, including access to finance, to its customersthrough its innovative Doorstep Banking Service. With nearly 200,000 postal service providers (Postmen and GraminDakSevaks) equipped with microATMs and biometric devices, IPPB caters to the needs and requirements of various customer segments but is also committed to making digital adoption easier at the last mile by enabling an assisted banking model. With this partnership, HDFC Bank aims to further strengthen its financial inclusion drive by leveraging the robust and extensive distribution network of IPPBs 650  branches and over 136,000banking access points across India.

Speaking on the MoU, Mr. J. Venkatramu, Managing Director & CEO, India Post Payments Bank said,”By bringing banking at the doorsteps of customers, IPPB is steadily transforming and reshaping the financial inclusion landscape across the country. Our endeavour is to build a unified platform offering various citizen-centric services including, credit at the doorstep by leveraging digital technologies and alternate data sources in collaboration with lending partners. This important partnership with HDFC Bank is a step in that direction of promotingan inclusive, digitally-driven and social banking ecosystem.”

Commenting on the tie-up, Ms. Smita Bhagat, Country Head – GIB, CSC, e-Commerce, Start-ups and Inclusive Banking Initiatives Group, HDFC Bank, said: “HDFC Bank has been championing the cause of financial inclusion through several initiatives and this partnership is one more step in that direction. This alliance  will allow us to take our best-in-class products and services to millions of IPPB customers in the remotest corners of India.”

This is a significant tie-up for HDFC Bank also as it will help expandits customer outreach to the last mile.

IPPB’s product portfolio is wide ranging and includes savings and current account, 24×7 instant money transfer, Aadhaar enabled Payment System, DBT including Mahatma Gandhi National Rural Employment Guarantee Scheme and payment of scholarships, bill and utility payments, digital life certificate, third party products, and other such services.