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INDIA POST PAYMENTS BANK AND HDFC BANK SIGNED MoU TO GIVE LOAN TO ABOUT 4.7 CRORE CUSTOMERS

INDIA POST PAYMENTS BANK AND HDFC BANK SIGNED MoU TO GIVE LOAN TO ABOUT 4.7 CRORE CUSTOMERS

Context:

India Post Payments Bank (IPPB) and HDFC have joined a strategic partnership by signing a Memorandum of Understanding (MoU) to provide home loans to nearly 4.7 crore customers in the payment bank.

Key Highlights:

  • This partnership aims to facilitate HDFC housing lending to clients, especially in areas without banks and financial assistance as most of them have little or no income, in order to realize their dream of owning a home.
  • The IPPB will provide housing loans to approximately 190,000 banking service providers (Postmen and Gramin Dak Sevaks).
  • According to the MoU, credit, technical and legal appraisals, processing and disbursement of all housing loans will be handled by HDFC Ltd while the IPPB will be responsible for sourcing the loan.

India Post Payments Bank (IPPB):

  • It is a specialised division of Indian Post which is under the jurisdiction of the Department of Post a department under the Ministry of Communications of the Government of India.
  • It was opened in 2018.
  • It had acquired about 4.0 crore customers by December 2020.

HDFC Bank:

  • It is an Indian banking and financial services company, headquartered in Mumbai, Maharashtra.
  • It is India's largest private sector bank by assets and by market capitalisation as of April 2021.

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