NEWS & ADVICE : SAVINGS ACCOUNTS
HDFC Bank ties up with PUNGRAIN to facilitate payments to commission agents
By Neelima Shankar
Oct 1, 2012
Print    Email    RSS   

The private lender, HDFC Bank, has entered into collaboration with Punjab Grains Procurement Corporation Ltd (PUNGRAIN) to provide easier payments facility to its brokers who are spread across 350 mandis of Punjab.

According to the tie up, PUNGRAIN will be making payments to its commission agents or brokers using the ‘RuPay Debit Card' and for this it has established an information and online remittance network with the assistance of National Payment Corporation of India (NPCI). The network of paying commission agents has been named ‘Kisan Arhtia'.

On the other hand, the bank will be installing its Point of sales (POS) equipments across 350 mandis present in Punjab, which will assist the process of making payments to commission agents handling agricultural products. This initiative of HDFC Bank will reportedly be beneficial to the farmers as it will lessen the time taken for making payments.

To start its operations in the project, the bank arranged a training session for officers and food inspectors of PUNGRAIN.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
Carnival of Indian Personal Finance Blogs #4
Carnival of Indian Personal Finance Blogs #1
How to check balance in savings bank account
Carnival of Indian Personal Finance Blogs #6


Corporation Bank has changed their net-banking...
last six months statement
CDS/CRTR/
ministatement

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive