The private sector lender, HDFC Bank has joined hands with Indian Oil Corporation (IOC) to increase its presence in rural areas through IOC's network of petrol pump outlets in rural and semi urban regions of the country.
The Mumbai based bank announced its collaboration with IOC and said that the bank will set up business correspondent points in the petrol pump outlets of Indian Oil Corporation, called ‘Kisan Seva Kendras', which are present in remote villages also.
The bank plans to start its business correspondent points under this new tie up in the Kisan Seva Kendras in Pilibhit in Uttar Pradesh. In Uttar Pradesh alone HDFC aims to cover about 1000 Kisan Seva Kendras which would serve about 1500 rural customers.
At the KSK outlets, the bank will provide services like the first phase of processing of loan requests, collecting deposits of small value, selling micro insurance policies, mutual funds and providing other such investment opportunities.