India Post Payments Bank (IPPB) has signed a memorandum of understanding (MoU) with HDFC Bank to offer various banking products and services to its [IPPB] customers in semi-urban and rural areas, focussing on unbanked and underserved segments.
Over 4.7 crore customers of IPPB, of whom almost 90% are residing in rural areas, are expected to benefit from this partnership, both the entities said in a joint statement.
This alliance will enabe IPPB to provide affordable and diversified offerings, including access to finance, to its customers through its doorstep banking service, the statement added.
J. Venkatramu, MD & CEO, India Post Payments Bank said,”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.”
Smita Bhagat, Country Head, GIB, CSC, e-Commerce, Start-ups and Inclusive Banking Initiatives Group, HDFC Bank, said, “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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