HDFC Bank to roll out e-distribution network, cover 50K more villages

HDFC Bank is launching a digital distribution platform called Smart Saathi to onboard agents of its corporate business correspondents, who can provide banking services to customers in semi-urban and rural areas. The forum will enable the agents to offer 40-45 banking services such as account opening, fixed deposits, and customer loans. Through this initiative, the bank aims to cover 200,000 villages within the next 12-15 months. HDFC Bank can achieve its priority sector lending targets by extending services to semi-urban and rural areas. The platform utilizes the bank’s understanding of the semi-urban and rural ecosystem to provide better service to customers. India Post Payments Bank has partnered with HDFC Bank to distribute banking products and services in these areas. The Reserve Bank of India has given HDFC Bank three years to comply with priority sector lending norms as part of the merger with HDFC.