Indian financial institution HDFC Bank and telecom service provider Vodafone India, a subsidiary of the UK-based Vodafone Group, have launched the “HDFC Bank MobileBank Account with Vodafone m-paisa”, a service allowing customers to perform banking transactions using mobile phones. The bank has also appointed select retailers of Vodafone as its sub-agents, allowing cash deposits and withdrawals at these outlets. The service has initially been launched in the Indian state of Rajasthan, where 2,200 retailers across 374 towns and villages provide access to the service.
Mr Rahul Bhagat, HDFC Bank’s Country Head – Retail Liabilities, Marketing and Direct Banking Channels, said, “There are 600,000 habitations but only about 89,000 bank branches in the country, making access to banking services difficult in remote areas. With this in mind, the partnership between HDFC Bank and Vodafone India is path-breaking as it leverages the telco’s significant distribution reach and provides customers the security of financial transactions offered by a bank.” He added that this initiative supports the bank’s plan to provide 10 million families with access to financial services over a five-year period.
As of September 2011, HDFC Bank reported approximately USD 60.3 billion in total assets. Vodafone had approximately 142 million subscribers in India as of June 2011.
By Kristha Abores, Research Associate
About HDFC Bank Limited:
HDFC Bank Limited was incorporated by Housing Development Finance Corporation Limited (HDFC), a private-sector Indian housing finance company, when the Indian government allowed the establishment of private sector banks in 1994. HDFC Bank offers a range of services to retail and wholesale banking customers, as well as specialized services for non-resident Indians. Headquartered in Mumbai, the bank has a network of 2,150 branches in 1,141 cities across India. As of September 2011, HDFC Bank reported approximately USD 60.3 billion in total assets.
Sources and Additional Resources:
[1] HDFC Press Release: “HDFC Bank and Vodafone India launch product for financial inclusion,” http://www.hdfcbank.com/aboutus/News_Room/pdf/MPaisa-launch-Chomu.pdf
MicroCapital.org article, October 9, 2011, “MICROCAPITAL BRIEF: United Bank of India Expects To Increase Financial Inclusion through Launch of United Mobile Banking,” https://www.microcapital.org/microcapital-brief-united-bank-of-india-expects-to-increase-financial-inclusion-through-launch-of-united-mobile-banking/
MicroCapital.org article, May 2, 2011, “MICROCAPITAL BRIEF: Mr Ganesh Sankaran of HDFC Bank Asks, “Can Microfinance Attain Industry Status?” https://www.microcapital.org/microcapital-brief-mr-ganesh-sankaran-of-hdfc-bank-asks-%E2%80%9Ccan-microfinance-attain-industry-status%E2%80%9D/
MicroCapital Universe Profile: HDFC Bank Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=HDFC+Bank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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