HDFC Bank launches IT platform to turn Business Correspondents into loan agents

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MUMBAI: HDFC Bank has launched a digital distribution platform called Smart Saathi, which will enable the agents of its Business Correspondents (BCs) and Business Facilitators (BFs) to offer low-value loans and other financial products.
The platform comprises a technology stack that connects BCs and BFs with the bank’s systems. The bank’s agents will now be able to offer over 40 banking products and services, including loan products, which will improve their income and help customers access easy credit. It will also boost capacity building for agents and further financial literacy for customers.
The bank said that the platform will boost financial inclusion by making banking products and services accessible to the last mile. The user-friendly platform, which can be accessed over a mobile phone, has been developed using the bank’s learning of semi-urban and rural ecosystems. The platform was launched in Delhi by Vivek Joshi, Secretary, Department of Financial Services, and Smita Bhagat, a senior executive with HDFC Bank.
Accordign to analysts, HDFC Bank will have to ramp up its lending to the priority sector, which includes rural. This is because of the impending merger with HDFC, which will expand its balance sheet. The bank has expanded its reach to 1.65 lakh villages and now aims to use this network for providing loans as well.
“Over the next 12 to 18 months we plan to reach two lakh villages through a combination of our branches and agent network. The launch of this platform is an important step towards meeting this objective. The prosperity of rural India, integral to realising the vision of $ 5 trillion economy,” said Bhagat.

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