HDFC Bank has introduced a Digital Distribution Platform to make it easier for its agents and business correspondents to sell services, especially in rural areas. HDFC Bank Smart Saathi provides a secure and user-friendly experience to its users. The newly launched feature will use advanced technology solutions to connect Business Correspondents (BCs) and Business Facilitators (BFs) to the bank. This network between Business Correspondents and Business Facilitators is expected to boost financial inclusion by taking banking products and services to the last mile.
The HDFC Bank Smart Saathi was launched in Delhi by Vivek Joshi, Secretary, Department of Financial Services, and Smita Bhagat, Group Head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank. Also present on the occasion were Mukesh Bansal, Joint Secretary, Department of Financial Services, and senior executives Dinesh Luthra and Ajay Sharma from HDFC Bank.
“HDFC Bank Smart Saathi will contribute by making banking products and services available, especially credit for rural customers, which will help in the development of our country,” said Vivek Joshi. He also pointed out that while there are still behavioural changes that are required across some customer segments like farmers transacting at mandis, to make cashless India a bigger success, the Business Correspondents will help in bringing about this behavioural change.
“Over the next 12 to 18 months we plan to reach two lakh villages through a combination of our branches and agent network,” said Smita Bhagat. While Business Correspondents have traditionally focused primarily on opening accounts and transactions, HDFC Bank Smart Saathi will enable its agents to offer over 40 banking products and services, including loan products. This is also expected to bring in more income to the agents.