CSC SPV, HDFC Bank sign MoU to support financial inclusion in rural areas

CSC SPV and HDFC Bank on Wednesday announced signing of an agreement to enable three lakh Village Level Entrepreneurs (VLEs) of the common services centers to operate as banking correspondents of HDFC Bank.

The MoU signed between MD HDFC Bank, Aditya Puri and CEO, CSC SPV Dr. Dinesh Kumar Tyagi in the presence of Minister of Electronics & IT Ravi Shankar Prasad and Minister of State for Electronics & IT S.S. Ahluwalia, 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.

"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," said Ravi Shankar Prasad.

Adding to this he said that women, senior citizens and persons with disability will especially get benefitted through this initiative as it would enable withdrawal of financial benefits sent through DBT at CSC, without the need for visiting bank branch.

"Now, with this agreement, the large network of CSCs will enable rural India to get benefit. It will empower people in terms of financial inclusion, in terms of availing benefits, loans, etc. Apart from this, we have the objective to set up one sanitary napkin unit in every block and HDFC Bank's contribution in this area will also be a milestone in this mission. We are very grateful to the HDFC Bank for their help," said Dr. Dinesh Kumar Tyagi, CEO, CSC SPV.

"We are proud to partner in this noble endeavour of the Government to make the lives of people better," said Aditya Puri, Managing Director, HDFC Bank.

"This ties in well with our ongoing social programmes which straddle financial literacy, financial inclusion and skilling at the bottom of the pyramid. This partnership is one more step in this direction," he added.