The Hindu Business Line : Postal dept may tie up with HDFC for home loans

New Delhi April 12 The ubiquitous post office may, in the coming days, begin to offer home loan products, with the postal department looking to enter into distribution partnership with home loan major HDFC.

They may also distribute non-life insurance and other annuity products of private insurance companies.

"We are now looking to enter into an agreement with HDFC. It would be for housing loans. The Postal department already has distribution partnerships with various organisations like Oriental Insurance, State Bank of India, among others," Ms Suneeta Trivedi, Chief General Manger, Postal Life Insurance Directorate, Department of Posts told Business Line here.

She also indicated that post offices would soon foray into distribution of non-life insurance products of private insurance players. Incidentally, the postal department already has a postal life insurance product.

"We are currently in talks with private players such as Reliance General, ICICI Lombard to distribute their products," she said.

Private insurance players are keen to tie up with the postal department as it would open doors to the strong distribution network of the latter comprising over 1,55,000 outlets.

The Department of Posts is looking to make post offices a one-stop shop for various financial products and services. Besides accepting payments of telephone, water and electricity bills, post offices are also selling passport forms and facilitating e-payments.

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