HDFC Bank launches digital distribution platform for its agents and partners
By siliconindia | Tuesday, May 2, 2023
HDFC Bank said it has introduced digital distribution platform HDFC Bank Smart Saathi to connect business correspondents (BCs) and business facilitators (BFs) to the bank. “This launch marks a significant milestone in HDFC Bank’s mission to provide innovative solutions that cater to the evolving needs of its customers. This network of business correspondents and business facilitators will boost financial inclusion by taking banking products and services to the last mile," it said in a statement.
HDFC Bank Smart Saathi was launched in Delhi by Vivek Joshi, secretary, Department of Financial Services, and Smita Bhagat, group head, government and institutional business, alternate banking channels and partnerships, inclusive banking group and start-ups, HDFC Bank. Mukesh Bansal, joint secretary, Department of Financial Services, and senior executives Dinesh Luthra and Ajay Sharma from HDFC Bank were also present, the lender said.
“HDFC Bank Smart Saathi will contribute by making banking products and services available, especially credit for rural customers, which will help in the development of our country. However, there are still behavioural changes that are required across some customer segments like farmers transacting at mandis, to make cashless India a bigger success," said Joshi.
Bhagat said that over the next 12-18 months the bank plans to reach two lakh villages through a combination of branches and agent network. “The launch of this platform is an important step towards meeting this objective. The prosperity of rural India, where about 70% of our people live, is integral to realising the vision of $5 trillion economy," said Bhagat.
Business correspondents have traditionally focused primarily on opening accounts and transactions. The lender said Smart Saathi will enable its agents to offer over 40 banking products and services, including loan products. “This will help in enhanced income generation for the agents and also help customers to access easy credit. The platform will also boost capacity building for agents and further financial literacy for customers," it said.
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