HDFC Bank, IOC to Offer Rural Banking

HDFC Bank announced its tie up with Indian Oil Corporation (IOC) to provide banking services in the Indian rural areas where IOC’s petrol pump outlets Kisan Seva Kendras (KSKs) will act as the Business Correspondents for the banks.

Beginning with Pilibhit in Uttar Pradesh, the private sector lender plans to cover 1,000 KSKs to be able to serve around 1,500 customers.

The KSK outlets will offer banking services such as preliminary processing of loan applications, disbursal and collection of small value deposits, sale of micro-insurance, mutual funds and other investment instruments.