HDFC Bank Ties Up With Indian Post Payments Bank To Extend Rural Reach

HDFC Bank ties up with India Post Payments Bank to increase rural reach

HDFC Bank and India Post Payments Bank have entered into an agreement to reach out to rural customers

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New Delhi:

HDFC Bank has tied up with India Post Payments Bank (IPPB) to expand its reach to semi-urban and rural areas and cater to the latter’s customer base of over 40 million.

About 90 percent of IPPB’s customers live in rural areas, who can benefit from this tie-up.

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HDFC Bank said the strategic tie-up will enable IPPB to offer affordable and diversified offerings, including access to finance, to its customers through its innovative doorstep banking service.

Equipped with micro ATMs and biometric devices with around 2 lakh postal service providers (postmen and gramin dak sevaks), IPPB caters to the needs and requirements of various customer segments.

With this partnership, HDFC Bank aims to further strengthen its financial inclusion drive by leveraging IPPB’s strong and wide distribution network of 650 branches and over 136,000 banking access points across India.

“By bringing banking at the doorstep of the customers, IPPB is constantly changing and reshaping the financial inclusion landscape across the country. Our endeavor is to create a unified platform offering various citizen centric services including credit at the doorstep by leveraging digital technologies. India Post Payments Bank Managing Director and CEO J Venkataramu said, “Alternative data source in collaboration with lending partners.”

The private sector lender said this is an important tie-up for HDFC Bank as it will help extend the reach of its customers to the last mile.

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