Money & Banking

HDFC Bank, CSC partner to launch EMI collection service for business correspondents

Our Bureau. Mumbai | Updated on January 28, 2021

HDFC Bank and CSC e-Governance Services, on Thursday, announced the launch of EMI Collection Services for CSC-HDFC Bank’s business correspondents across the country.

“This will make payments convenient for customers, who can now visit their nearest CSC, to deposit overdues. The CSC-HDFC bank correspondent or village level entrepreneur (VLE) will match the loan account with the customers’ registered phone number to cross check the amount payable on the system,” said a statement.

The VLE will then provide a receipt for the amount collected and deposit the amount in the prescribed form to bank.

“Under the initiative, CSC and HDFC Bank will work towards utilising the services provided by the business correspondents for collecting regular EMIs and overdue amount on loans taken by customers. The business correspondents would act as deposit points for customers of HDFC Bank from segments such as auto loan, two-wheeler loan, personal loan, business loan and sustainable livelihood initiative,” said Dinesh Luthra, National Head, CSC Channel HDFC Bank.

The partnership of HDFC Bank with CSC aims to take banking and financial services to the doorsteps of people living in remote areas through the bank’s network of over one lakh VLEs.

“The VLEs will be supported by HDFC Bank’s branch distribution network, which is present in more than 30 States. The arrangement will provide access to formal banking to lakhs of people in rural India,” the statement said.

Published on January 28, 2021

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