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.
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