HDFC, Indian Oil to provide rural banking services

HDFC Bank tied-up with Indian Oil Corporation to make modern banking services available in semi-urban and rural India that remain inaccessible by the current branch network.

This is a first of its kind marriage of the strengths of a bank and an oil distribution company.

Beginning with Pilibhit, HDFC Bank plans to cover 1000 KSKs in a phased manner and each of these outlets will be able to serve around 1,500 customers.

This initiative is part of HDFC Bank's Board-approved mandate to bring 10 million families (40 million individuals) into the banking fold. 

Commenting on the tie-up, Mr. Michael Andrade, Head, Agri Business, HDFC Bank said, "HDFC Bank has more than 75% of its total branches in tier 2 and tier 3 towns and cities. We take great pride in empowering our customers in semi-urban and rural areas by providing them a wide array of banking products."