HDFC Bank and IOC join hands to provide banking services
HDFC Bank today said that it has tied-up with Indian Oil Corporation (IOC) to provide banking services.
Indian Oil Corporation 9IOC), where its rural petrol pump outlets Kisan Seva Kendras (KSKs) will act as the Bank's Business Correspondents (BCs).
This is a first of its kind marriage of the strengths of a bank and an oil distribution company to make modern banking services available to the people residing in semi-urban and rural India that remain inaccessible by the current branch network.
Beginning with Pilibhit, HDFC Bank plans to cover 1000 KSKs in a phased manner and each of these outlets will be able to serve around 1,500 customers.
This initiative is part of HDFC Bank's Board-approved mandate to bring one core families into the banking fold.
The Kisan Seva Kendra outlets will offer banking services such as preliminary processing of loan applications, disbursal and collection of small value deposits, sale of micro-insurance, mutual funds and other investment instruments.
Michael Andrade, Head, Agri Business, HDFC Bank said, HDFC Bank has more than 75 percent of its total branches in tier 2 and tier 3 towns and cities. We take great pride in empowering our customers in semi-urban and rural areas by providing them a wide array of banking products. This initiative in partnership with IOC is yet another step towards taking banking to the enterprising Indians in the hinterlands. Given IOC's broad network of rural retail outlets and our bouquet of banking products, this partnership is a win-win for our customers