HDFC to engage VLEs as banking correspondents

CSC SPV and HDFC Bank have signed an agreement to enable 3 lakh Village Level Entrepreneurs (VLEs) of the common services centers to operate as banking correspondents of HDFC Bank.
HDFC to engage VLEs as banking correspondents

CSC SPV and HDFC Bank have signed an agreement  to enable 3 lakh Village Level Entrepreneurs (VLEs) of the common services centers to operate as banking correspondents of HDFC Bank.

The function for signing and exchange of agreement held between Managing Director, HDFC Bank Aditya Puri and CEO, CSC SPV Dinesh Kumar Tyagi in the presence o Minister of Electronics and IT Shri Ravi Shankar Prasad and Minister of State for Electronics and IT SS Ahluwalia at the Ministry of Electronics and IT, New Delhi, according to a spokesperson of HDFC Bank. The decision is expected to be a game changer as it would significantly contribute to centr's objectives of enabling Direct Benefit Transfer (DBT) of various schemes.

"Under the agreement, VLEs of CSC will work as Banking Correspondent of HDFC Bank and support the Government initiative to promote financial inclusion and make banking services more accessible in rural areas," said Ravi Shankar Prasad. Adding to this he said that women, senior citizens and persons with disability will especially get benefitted through this initiative as it would enable withdrawal of financial benefits sent through DBT at CSC, without the need for visiting bank branch.

"Now, with this agreement, the large network of CSCs will enable rural India to get benefit. It will empower people in terms of financial inclusion, in terms of availing benefits, loans, etc. Apart from this, we have the objective to set up one sanitary napkin unit in every block and HDFC Bank's contribution in this area will also be a milestone in this mission. We are very grateful to the HDFC Bank for their help," said Dr. Dinesh Kumar Tyagi, CEO, CSC SPV.

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