India Post Payments Bank partners with HDFC to provide home loans to 4.7 million customers

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New Delhi: India Post Payments Bank (IPPB) and HDFC have entered into a strategic alliance to provide mortgage loans to nearly 4.7 million payment bank customers. Relying on its national network of 650 branches and more than 1,36,000 banking access points (post offices), IPPB aims to make HDFC’s mortgage products and expertise available to its clients throughout the world. India, HDFC said in a statement.

A memorandum of understanding on the strategic alliance was signed between IPPB and HDFC Ltd on Monday. “The partnership aims to make HDFC home loans easier for clients, especially in unbanked and underserved areas, many of whom have little or no access to finance, to fulfill their dream of owning a home. IPPB will provide home loans through nearly 190,000 banking service providers (Postmen and Gramin Dak Sevaks), ”he said.

As per the MoU, the credit, technical and legal reviews, processing and disbursement of all home loans will be handled by HDFC Ltd while the IPPB will be responsible for sourcing loans, he said. . Speaking on the importance of the reconciliation, IPPB MD J Venkatramu said that financial inclusion cannot be achieved without allowing access to credit, as a large part of customers do not have a bank or financial institution. offering home loans in their neighborhood.

The alliance aims to make home loans available and accessible, using a digital agent banking channel and to position IPPB as a single platform for all customer banking needs, including credit, he said. he declares. Commenting on this partnership, HDFC MD Renu Sud Karnad said that this alliance will go a long way in promoting affordable housing in the most remote places of our country, in line with the Prime Minister’s vision of housing for all.

From its inception to date, IPPB has introduced a range of innovative and unique banking products and services that meet the needs and requirements of different customer segments and also enables easier last mile digital adoption through an assisted banking model. .

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