On January 28, 2021 HDFC Bank and CSC e-Governance Services India Ltd, a Special Purpose Vehicle (SPV) under the Ministry of Electronics & Information Technology (MeitY) has entered into partnership to launch Equated Monthly Installment(EMI) service that allows Business Correspondents(BCs) to collect HDFC Bank’s EMIs at CSCs across India.
Aim– To enable customers to deposit their overdues without the need to visit bank branches.
What is CSC e-Governance Services India Ltd?
It was set up under Companies Act, 1956 to oversee the implementation of the Common Services Centers(CSC) scheme.
About the Initiative:
CSC and HDFC Bank Uses Services of BC
Under the initiative, CSC and HDFC Bank will use the services of BC to collect regular EMIs / overdue amount on loans taken by customers from segments like auto loan, two-wheeler loan, personal loan, business loan and sustainable livelihood initiative.
- The CSC-HDFC BC or Village Level Entrepreneur (VLE) will provide support to collect the amount.
- The VLEs are supported by the distribution network of HDFC bank in more than 30 states.
This partnership will enable people in remote areas to access banking and financial services at their doorstep through the bank’s network of over 1 lakh VLEs.
Who are Business Correspondents(BCs)?
They are retail agents engaged by banks to provide banking services at locations other than a bank branch/Automated Teller Machine-ATM.
Recent Related News:
On September 9, 2020, Union Minister of Finance & Corporate Affairs Nirmala Sitharaman virtually inaugurated Doorstep Banking Services by Public Sector Banks (PSBs) and participated in the online awards ceremony to felicitate best performing banks on EASE Banking Reforms Index for FY19-20.
About HDFC Bank:
Incorporated– August 1994
Headquarters – Mumbai, Maharashtra
Managing Director(MD) and Chief Executive Officer(CEO)– Sashidhar Jagdishan(Succeeds Aditya Puri)
Tagline– We understand your world