HDFC, DOP tie up to offer loan against postal securities

Kolkata, Jun 16 (UNI) HDFC Bank has entered an agreement with the Department of Post (West Bengal circle) to offer loan against postal securities such as National Savings Certificate (NSC) and Kisan Vikas Patra (KVP).

Announcing this here today, Mr Madhusudan Hegde, Regional Head (East) HDFC Bank, said initially the scheme would be introduced in five post offices in Kolkata and Howrah and later extended to others.

Mr Hedge said the tie-up would enable the bank to access the remote and interior parts of the state, address the personal needs of customers in semi urban and rural areas through the post office network and provide modern banking facilities to them.

He said while the bank has its own rural presence, the large network of post offices would further enhance the bank's reach across the state and the country.

Mr Hedge informed that the loan would be offered in the form of overdraft facility and the customers would be given a cheque book and ATM/Debit card to operate the account. The customers could also avail of the internet banking and phone banking, he added.

" We are privileged to be associated with Department of Posts, the only entity in the country with vast network and access to the rural people of the country. This tie-up will further strengthen HDFC Bank's presence in rural areas and it's our commitment to provide world-class services and products to rural customers across the state," Mr Hedge observed.

Union Minister of State for Communication and Information Technology Dr Shakeel Ahmed presided as the chief guest at the function.

Speaking on the occasion, Mr Harpreet Singh, Director Postal Services, HQ and Business Development, (West Bengal circle) said, '' The tie-up is another step in our effort to provide varied financial services to the common people. Under the agreement, HDFC Bank will offer loans to customers holding postal securities which will provide liquidity to our customers on their assets.'' UNI ADG KK KLC1549