India’s largest private lender, HDFC Bank, has partnered with India Post Payments Bank (IPPB) to offer its banking services in semi-urban and rural areas. Under the pact, HDFC will serve over 4.7 crore of IPPB customers, most of whom (about 90%) reside in rural areas.
HDFC Bank said the alliance will enable IPPB to provide affordable and diverse offerings to its customers through its home banking service. HDFC Bank also aims to strengthen its dynamic of financial inclusion by relying on the IPPB network of 650 branches and more than 136,000 banking access points.
“By bringing banking services to customers’ doorsteps, IPPB is progressively transforming and reshaping the financial inclusion landscape across the country. Our goal is to build a unified platform offering diverse citizen-centric services, including including credit, to the door by leveraging digital technologies and alternative data sources in collaboration with lending partners,” said J Venkatramu, Managing Director and CEO, India Post Payments Bank.
Read also : HDFC Life signs bancassurance agreement with South Indian Bank
Smita Bhagat, Country Head – GIB, CSC, e-Commerce, Start-ups and Inclusive Banking Initiatives Group, HDFC Bank, said the bank was at the forefront of financial inclusion in India. “This alliance will allow us to bring our best products and services to millions of IPPB customers in the remotest corners of India,” Bhagat said.
The India Post Payments Bank (IPPB) was established under the Department of Post, Ministry of Communication, with 100% government ownership. Launched as a pilot project on January 30, 2017 in Ranchi and Raipur, IPPB has now spread its strength across India covering post offices, through a network of 650 IPPB branches or control offices, working on a hub model and spoke.
Never miss a story! Stay connected and informed with Mint. Download our app now!!