HDFC Bank partners with IPPB to deliver banking services

HDFC Bank has partnered with India Post Payments Bank to offer its banking services to the unbanked and underserved segments in rural areas. A memorandum of understanding was signed between HDFC Bank and IPPB to cater to majority of over 4.7cr customer base of IPPB.

About 90% of IPPB customers live in rural areas, which may benefit from this partnership. HDFC Bank said the strategic partnership will enable IPPB to provide affordable and diversified offerings, including access to finance to its clients through its innovative doorstep banking service. With nearly 2,00,000 postal service providers equipped with micro-ATMs and biometric devices, IPPB caters to the needs and requirements of different client segments.

With this collaboration, 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 1,36,000 banking access points in the country, the bank said on Monday. “At the doorsteps of customers IPPB is steadily transforming and reshaping the final inclusion landscape across the nation.

J Venkatramu, Managing Director and CEO, India Post Payments Bank said, “Our endeavour is to build a unified platform offering different citizen centric services, including credit, at the doorstep by leveraging digital technologies and alternate data sources in partnership with lending partners”.