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, focusing on unbanked and underserved segments. Over 4.7 crore customers of IPPB of whom nearly 90 percent 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 nearly 200,000 postal service providers (Postmen and Gramin Dak Sevaks) equipped with micro ATMs 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 IPPBs 650 branches and over 136,000 banking access points across India.
J Venkatramu, Managing Director & 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.”
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.
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