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Mumbai, July 11 Dena Bank has signed a memorandum of understanding with the Department of Posts to extend credit in the rural areas.

Under the scheme, postmen will market the bank’s loan products, process applications and recommend the same to bank branches.

“We have tied up with Department of Posts because of their vast reach and knowledge about the local people in a particular region. A postman has interaction with the local population and this supervision will help during the recovery period,” said Mr. P.L. Gairola, Chairman and Managing Director, Dena Bank.

Dena Bank will implement this scheme in Maharashtra, where it has around 253 branches (constituting 22 per cent of total branch network).

More Stories on : Credit Market | Rural Development | Supply Chain Management | Public Sector Banks

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