India Post Payment Bank (IPPB) has entered into an important deal with housing finance company HDFC. Under this, a strategic partnership has been forged to offer Home Loans to around 47 million customers of Payments Bank. HDFC said in a statement that with the help of its nationwide network of 650 branches and over 1.36 lakh banking access points (post offices), it will offer loans to customers.
IPPB Managing Director J Venkataramu said access to loans is essential for financial inclusion as no bank or financial institution provides home loans to a significant segment of customers.
HDFC Managing Director Renu Sood Karnad said that in line with the vision of Prime Minister Narendra Modi, this association will go a long way in providing affordable housing to all. Let us inform that under the Pradhan Mantri Awas Yojana PMAY, more than 250,000 beneficiaries of HDFC have benefited. These beneficiaries have received reimbursement of Rs 43,000 crore and subsidy of Rs 5,800 crore till June 30.
This subsidy is given under the Credit Linked Subsidy Scheme (CLSS). HDFC has been one of the top institutions in terms of assisting the beneficiaries availing the CLSS scheme. HDFC was the first institution to cross two lakh beneficiaries under CLSS in September 2020.