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India Post Payments Bank partners HDFC Bank for offering banking services in rural areas

HDFC Bank will leverage IPPB's network of 650 branches and over 136,000 banking access points to expand its outreach to customers in semi urban and rural markets
India Post Payments Bank partners HDFC Bank for offering banking services in rural areas
India Post Payments Bank partners HDFC Bank for offering banking services in rural areas

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 per cent are residing in rural areas are expected to benefit from this partnership.
 
The strategic alliance will enable India Post Payments Bank to provide affordable and diversified offerings, including access to finance, to its customers through its innovative Doorstep Banking Service. With nearly 200,000 postal service providers (postmen and gramin dak sevaks) 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 IPPB’s 650  branches and over 136,000 banking access points across India.
 
Highlighting the partnership, 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 promoting an inclusive, digitally-driven and social banking ecosystem.” 

Speaking 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.”
 
This is a significant tie-up for HDFC Bank also as it will help expand its 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.

Read more: HDFC Bank bags CII’s ‘Most Innovative Best Practice Award’ for financial inclusion in rural areas

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Awarded 50 Most influencial Rural marketing Professionals of India With a passion for Print Media, brand and marketing communications, founded i9 Media ,a publishing house has come up with India's first rural magazine "Rural & Marketing"-Integrating Urban with rural markets and digital portal ruralmarketing. As Editor-In-Chief and Technology Expert for print media and Corporate Communications. Proven ability to fully run an editorial team and grow existing clients as well as winning new business. Over 20 years experience across all media channels including broadcast TV, print ads, interactive media, digital media, & emerging technologies As, after years of erudition, Ajay decided to nurture the canvas of India’s social fabric, he discovered himself afresh. His skills for coming up with plans and accomplishing projects fit him altruistic-at-heart, as he accommodates a school for the specially disabled children, and an entrepreneur-by-mind, as he manages the directions of his Full Service Advertising Agency, including a publishing unit, India’s first Integrated Urban & Rural Marketing Magazine. The author’s inclination towards social services has led him to contribute in project like water and sanitation in the schools, and it is dear to his heart. Presently, the author is pondering on the technological breakthroughs that are taking place in the Indian agriculture, and honing his expertise in Pro Bono Consulting, Knowledge Curation and getting closer to the knowing. You can get in touch with the author at ajayadlakha@gmail.com.
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