HDFC Bank on 4 October 2012 tied up with Indian Oil Corporation where rural Petrol Pump Outlets of Indian Oil will act as HDFC Bank Business Correspondent (BCs).
It is unique and first kind of tie-up, where an oil distribution company is coming up with the bank to make available modern banking services to the people of remote areas.
The Indian oil is going to make it possible through Kisan Seva Kendra which is an retail outlet model pioneered by Indian Oil to cater to the needs of customers in the rural segment.
HDFC Bank planned to cover 1000 Kisan Seva Kendras in a phased manner and each of these outlets will be able to serve around 1,500 customers. 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.
HDFC plan is to bring 10 million families into its banking Fold.
HDFC Bank and Indian Oil came Together to Provide Banking Services in Rural Areas
By Jagran Josh
Oct 5, 2012, 17:57 IST
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