PPB, HDFC Sign MoU To Offer Banking Products & Services

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HT Bureau

GUWAHATI, Dec 28: India Post Payments Bank (IPPB) and HDFC Bank have signed a Memorandum of Understanding (MoU) for offering various 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 enable IPPB to provide affordable and diversified offerings, including access to finance, to its customers through its innovative Doorstep Banking Service. 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 136,000 banking access points across India.

Speaking on the MoU, 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. We endeavor 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 promoting an inclusive, digitally-driven and social banking ecosystem.”

Commenting on the tie-up, 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.”

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