In a welcome move, personal finance facilities particularly home loans will be available via post offices in villages across the country as India Post Payments Bank (IPPB) and HDFC have entered into a strategic partnership to offer housing loans to around 47 million customers.
HDFC said in a statement said that with its nationwide network of 650 branches and over 1.36 lakh banking access points (post offices), IPPB aims to make HDFC's home loan products available to its customers across India.
A Memorandum of Understanding (MoU) was signed between IPPB and HDFC Ltd on Monday for a strategic alliance.
IPPB Managing Director J Venkataramu said access to credit is essential for financial inclusion, as no bank or financial institution provides housing loans to a significant segment of customers.
HDFC Managing Director Renu Sood Karnad said that in line with the vision of Prime Minister Narendra Modi, this association will go a long way in providing affordable housing to all.
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