HDFC Bank rolls out digital distribution platform for agents, partners

HDFC Bank Launched Digital Distribution Platform (DDP) – “HDFC Bank Smart Saathi”, which would help connect Business Correspondents and Business Facilitators with the Bank.

The platform was launched in the capital by Department of Financial Services (DFS) Secretary Vivek Joshi and Smita Bhagat, Group Head, Government and Corporate Business, Alternative Banking Channels and Partnerships, Universal Banking Group and Startups, HDFC Bank.

Financial inclusion

Vivek Joshi, Secretary, Department of Financial Services, said digital platforms like these will contribute to realizing India’s vision of a cashless economy and true digital financial inclusion.

He said HDFC Bank Smart Saathi will contribute to making banking products and services available, especially credit to customers in rural areas, which will help in the country’s development.

“However, there are still behavioral changes required across some customer segments such as farmers who deal in mandis, to make cashless India a bigger success. Commercial Ccorrespondents will help bring about this behavioral change,” added Joshi.

Smita Bahjat said, “Over the next 12 to 18 months, we plan to reach two Lac villages through our combination of subsidiaries and agent network. The launch of this platform is an important step towards achieving this goal.”

Easy access to credit

Trade correspondents have traditionally focused primarily on account opening and transactions. HDFC Bank Smart Saathi, as one of the key features, will enable its agents to offer more than 40 banking products and services, including loan products.

This will help in increasing the income for the agents and also help the customers to access easy credit. The platform will also promote agent capacity building and more financial literacy for clients.