HDFC bank and Camson Biotechnologies Ltd. have come together to form a strategic alliance. In a statement, Camson Biotechnologies Ltd., an agriculture based biotech company, said that both the companies have signed a MoU to enter into a formal agreement.
Camson has a strong presence in rural India due to its dealership network. HDFC bank will tap into Camson's 3000 member strong dealership network to increase its reach in rural India.
Elaborating details of the agreement, Mr. Santosh Nair , the CEO of Camson Biotech said, that according to the MoU signed by both the parties, HDFC bank will certify Camson's dealers as Business Consultants (BC) as per the rules laid down by RBI under its Financial Inclusion Policy. Then, the dealers will be provided current accounts and credit facilities at special rates, all tailor-made to suit their requirements. The BC will be entitled to almost all the facilities that any other customer avails at an ATM.
Presently, HDFC bank has about 85000 rural customers and its association with Camson is expected to increase the number of its rural clients to 5 lakhs, in states such as Kerala, Karnataka, Maharashtra, Gujrat, Madhya Pradesh and Uttar Pradesh.
Talking about another joint venture of both the companies in rural India, Mr. Nair said that HDFC bank and Camson Boitech will start "Kisan Card", a co-branded product which would help farmers to buy agricultural inputs at low rates.