HDFC Bank signs MoU with CSC
Today on 4th July 2018 HDFC Bank signs MoU with CSC a Special Purpose Vehicle (SPV) to act as HDFC Bank correspondents. CSC or Common Service Centres currently act as digital financial service providers in India and run by three lakh village level entrepreneurs. This pact of CSC’s with HDFC Bank will usher Government’s initiative to promote financial inclusion in rural areas and making financial services accessible more and more to rural areas of India. CSC e-Governance Services has been serving in all the toll collection centres across India in collaboration with NHAI.
At the very onset, I must mention that CSC SPV or Common Service Centres is an integral part of Digital India initiative under the Ministry of Electronics and Information Technology(MeitY). CSCs basically act as front-end financial services delivery points at village levels for various Government’s financial, social, private sectors services in the areas of banking, insurance, pension, utility payments, benefits withdrawals, agriculture, health, education and more through Village Level Entrepreneurs(VLE)
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Village Level Entrepreneurs who run CSC (Common Service Centres )across the country being HDFC Bank correspondents will provide different financial services such as facilitating eKYC, opening of savings account, fixed deposits, fund transfer, Cash withdrawals through Aadhar enabled Payment system, balance enquiry and many others. This move of HDFC Bank is going to help senior citizens to do away with the needs of visiting a bank branch for financial benefits withdrawals sent through DBT at CSC.
This agreement between HDFC Bank and CSC would definitely enable especially rural citizens of India to enjoy seamless financial inclusion services such as financial benefits withdrawal, availing easy loans and etc. Apart from this, it will also help in fulfilling Government’s continuous endeavour of making financial inclusion accessible to every village of this country. Also, the CEO of CSC SPV Dr. Dinesh Kumar Tyagi has announced that with this move they will set up one manufacturing unit of Sanitary Napkins in every block and HDFC Bank’s support towards ” Stree Swabhiman ” sanitary napkin manufacturing unit will help them to achieve this objective. The Minister of Electronics & IT Ravi Shankar Prasad has called this pact(HDFC Bank signs MoU with CSC) as a Game Changer move and he is very much optimistic that this will definitely push their initiative of Direct Benefit Transfer (DBT) under various social schemes by a great extent. Also, Mr. Aditya Puri, the Managing Director of HDFC Bank today has stated that they feel proud to be a part of Government’s great endeavour to make lives of people better.
CSC SPV has been implementing ” Digi Gaon” initiative especially in rural and remote villages across India to bring different Central and State Government financial services and social schemes before the doorstep of these citizens of India. As a result of this initiative, they have earmarked 1000 villages to convert them into Digital Villages or Digi Gaon within this fiscal year with the active hands of HDFC Bank. Experts are saying that this agreement by HDFC Bank will certainly increase the market share of India’s leading Banking conglomerate in rural areas across the country by a great margin. With this masterstroke, HDFC Bank will enable them to reach the remotest villages across the country where even now no financial services are available.
Final word on HDFC Bank signs MoU with CSC
Lastly, to conclude I would say that this move will definitely oscillate the financial literacy of the village people in terms of dealing with different financial and social benefits already provided or to be provided by the Central or various State Governments in near future. The current Govt. has continuously been focussing on making ease of Direct Benefit Transferring process so that the black hands of the black marketers are broken on the serious note and resulting to savings to the exchequer by a hefty amount. Most importantly, along with the improvement of the lives of remote villagers, this particular agreement between HDFC Bank and CSC will definitely enlighten the face of three lakhs existing Village Level Entrepreneurs.
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