HDFC Bank inaugurates 60 Banking Outlets pan-India, run by VLE’s across RBI notified Unbanked Rural Centers

HDFC Bank now caters to 10,602 villages withtotal network of 5020 Banking Outlets across Unbanked Rural Centres

New Delhi, March 19, 2024: HDFC Bank, India’s largest private sector bank, today announced the inauguration of 60 Business Correspondent (BC) Banking Outlets across RBI notified unbanked rural centers (URCs) pan-India. These new outlets nowincrease HDFC Bank’s URC network presence to 5,020 outlets. Notably, 34% of the Bank’s BC Agent network now caters to providing formal financial products and services across 10,602 villages.

The initiativewas undertaken in collaboration with CSC eGov. It will help deliver essential banking services to the last mile, directly through physical centres of village-level entrepreneurs (VLEs)acting as micro-entrepreneurs and in turn empowering communities in underserved regions.

Customers will benefit from a comprehensive suite of Bank’s financial solutionsincluding:

• Convenient cash deposit & withdrawal through AEPS-enabled transactions
• Neighborhood locations for EMI collection of loans
• Government-backed social security schemes to create insurance safety net
• Opening Bank accounts for directly receiving government scheme transfer benefits
• Fixed and recurring deposit options for financial planning
• Access to credit through loans like SLI and Kisan Gold Card to fulfil household aspirations.

Centre details:

Speaking on the development, Ms.Smita Bhagat, Group Head, Retail Branch Banking-North, East & Central, ABCP & Retail FX, HDFC Banksaid, “HDFC Bank is deeply committed to financial inclusion even in the remotest corner of thecountry. We are happy that a significant portion, nearly 34% of our BC network, operates within RBI notified unbanked rural centers (URCs).We aim to empower these communities and contribute to the government’s financial inclusion agenda by providing crucial financial solutions like AePS transactions, deposit services, government-backed insurance, and access to credit facilities.”

Mr. Sanjay Rakesh, MD of CSC, emphasized the importance of digital innovation by suggesting that the bank should consider introducing a diverse range of digital products and services at BC centers. This strategic move aims to provide comprehensive banking services directly to customers within the catchment area. Additionally, Mr. Rakesh advised VLEs operating as BCs at URC locations to maximize their revenue potential through the HDFC Bank and CSC partnership by offering relevant financial products and services to the local customer base.”