HDFC Bank has launched digital distribution platform (DDP) – ‘HDFC Bank Smart Saathi’, that would help connect business correspondents and business facilitators to the bank.
This platform was launched in the capital by Department of Financial Services (DFS) Secretary Vivek Joshi and Smita Bhagat, Group Head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank.
Financial inclusion
Vivek Joshi, Secretary, Department of Financial Services, said digital platforms such as these will contribute towards fulfilling India’s vision of a cashless economy and true digital financial inclusion.
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 the country, he said.
“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. The business Ccorrespondents will help in bringing about this behavioural change,” Joshi added.
Smita Bhagat said “ Over the next 12 to 18 months, we plan to reach two lakh villages through a combination of our branches and agent network. The launch of this platform is an important step towards meeting this objective”.
Easy credit access
Business correspondents have traditionally focused primarily on opening accounts and transactions. HDFC Bank Smart Saathi, as a key differentiator, 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.