HDFC Bank and Vodafone India Launch Product for Financial Inclusion
The country's first-of-its-kind initiative will help millions of Indians to have access to banking and money transfer
- (1888PressRelease) December 07, 2011 - Availability of banking and payment services to the entire population is essential for comprehensive economic growth and holistic development of the country. Don't you agree? Thus, in an effort to take banking to millions of unbanked Indians by leveraging deep penetration of mobile phones, HDFC Bank and Vodafone India launched HDFC Bank MobileBank Account with Vodafone m-paisaTM at Chomu, on the outskirts of Jaipur, in Rajasthan on the 26th of November, 2011.
This country's first-of-its-kind initiative was unveiled by RBI Deputy Governor, Dr. K.C. Chakrabarty, in the presence of HDFC Bank MD, Mr. Aditya Puri and Vodafone India Director - Business Operations, Mr. Sunil Sood.
"The partnership between HDFC Bank and Vodafone India is path-breaking as it leverages the Telco's significant distribution reach and provides customers the security of financial transactions offered by a bank," said Mr. Rahul Bhagat, Country Head - Retail Liabilities, Marketing & Direct Banking Channels, HDFC Bank. Through this arrangement, customers can now perform basic banking transactions on the mobile phone and even deposit and withdraw cash, at appointed Vodafone m-paisaTM outlets, without having to go to bank branches.
Mr. Bhagat reflected on the same, adding, "Importantly, all segments of society have demonstrated they are comfortable with using mobile phones. So, with HDFC Bank MobileBank Account and Vodafone m-paisaTM, anyone can open a savings account and transact at a bank-appointed outlet convenient to them, with the same sense of trust and security as if they were in a bank branch." To strengthen this initiative, HDFC Bank has a Board-approved plan to bring 10 million families under financial inclusion over a period of five years.
About HDFC Bank
HDFC Bank, the second largest private bank in India, is headquartered in Mumbai. As of September 30, 2011, the Bank had a distribution network with 2,150 branches and 6,520 ATMs in 1,141 cities. While Mr. C.M. Vasudev is the Chairman of the Bank, Mr. Aditya Puri, the Managing Director, with a professional banking career of over 25 years, has been with HDFC Bank since 1994.
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