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Our Bureau

Coimbatore, April 22 To mitigate the problem of risk and cost in SHG financing, HDFC Bank is working on the mobile bank model approach.

Speaking to reporters Mr K. Manohara Raj, Senior Vice-President (Micro Finance), HDFC Bank, said the model was in line with the services introduced by other banks such as SBI. “We have applied to the RBI for a license and are awaiting its clearance to kick start this service,” he said.

Stating that the technological solution was ready, he said the first mobile unit would become operational within the next four to six weeks after the clearance of formalities.

HDFC Bank would scale up the mobile bank service substantially, Mr Raj said that for its existing customer base, the bank would require about 800 mobile banks. Each unit is expected to cost Rs 40 lakh and an additional variable cost of around Rs 1 lakh every month. — Our Bureau

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