Indian Postal Payments Bank (IPPB) and HDFC Bank signed a Memorandum of Understanding (MoU) to offer various banking products and services to IPPB customers in semi-urban and rural areas, focusing on unbanked and underserved segments. Over 4.7 million IPPB clients, of which almost 90% reside in rural areas, are expected to benefit from this partnership.
The strategic partnership will enable IPPB to provide its customers with affordable and diversified offers, including access to finance, through its innovative Doorstep Banking service. With nearly 200,000 postal service providers (Postmen and Gramin Dak Sevaks) equipped with microATM and biometric devices, IPPB meets the needs and requirements of various customer segments but is also committed to facilitating digital adoption at the latest kilometer by allowing an assisted banking model.
With this partnership, HDFC Bank aims to further strengthen its commitment to financial inclusion by leveraging the strong and extensive distribution network of IPPB’s 650 branches and over 136,000 banking access points across India.
J. Venkatramu, Managing Director and CEO, India Post Payments Bank said, “By bringing banking services to customers’ doorsteps, IPPB is progressively transforming and reshaping the financial inclusion landscape across the country. Our goal is to create a unified platform offering diverse customer-centric services. citizens, including home lending by leveraging digital technologies and other data sources in collaboration with lending partners. This important partnership with HDFC Bank is a step in this direction of promoting an inclusive banking ecosystem, focused on digital and social.
Smita Bhagat, Country Manager – GIB, CSC, e-Commerce, Start-ups and Inclusive Banking Initiatives Group, HDFC Bank, noted: “HDFC Bank has championed the cause of financial inclusion through several initiatives and this partnership is another step in that direction. This alliance will enable us to bring our best products and services to millions of IPPB customers in the remotest corners of India.