CSC signs with HDFC Bank for Banking Correspondents

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CSC SPV, a Special Purpose Vehicle under the Ministry of Electronics & IT has entered into agreement with HDFC Bank to enable its three lakh Village Level Entrepreneurs (VLEs) managing the Common Services Centers (CSCs) operate as Banking Correspondents.

The agreement was signed between Chairman and Managing Director, HDFC Aditya Puri and CEO, CSC SPV Dr. Dinesh Kumar Tyagi in the presence of Minister of Electronics & IT Ravi Shankar Prasad.

Under the agreement, VLEs of CSC will work as Banking Correspondent of HDFC Bank and support the government initiative to promote financial inclusion and make banking services more accessible in rural areas.

The agreement is expected to be a game changer as it would significantly contribute to government’s objectives of enabling Direct Benefit Transfer (DBT) of various schemes. Women, senior citizens and persons with disability will especially get benefitted through this initiative. This will facilitate withdrawal and deposit of government entitlements such as payments under MGNREGA as well as various social welfare schemes like widow pension, handicapped and old age pension, etc.

The HDFC BC (CSC) under this arrangement will also function as Business Facilitator (BF). This is a unique facility being extended through CSC by HDFC. This will help and support the citizens, especially merchants, youth, entrepreneurs, farmers and women avail loan facility from the Bank to support in their economic uplift.

Apart from this, HDFC Bank will support CSC SPV in converting 1,000 identified villages into Digi Gaon (Digital Villages) within this financial year. CSC SPV is implementing Digi Gaon initiative in rural and remote villages of the country, with the mandate of the Ministry of Electronics & IT, where citizens can avail various online services of the central and state government.

Under its’ commitment to enhancing women’s health and hygiene, HDFC Bank will also support CSC SPV by funding Stree Swabhiman Sanitary Napkin Manufacturing Units.

Currently, close to three lakh VLEs are operational across the country of which 2.10 lakh are at Gram Panchayat level.

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