Through this tie-up, IPPB will cater to the banking and financial needs of diverse customers across the country, especially in unbanked or underserved areas.
New Delhi. Now another new service has been added to the post office services. From here, customers can now also take easy and affordable home loans to buy their dream home. India Post Payments Bank (IPPB) has tied up with LIC Housing Finance (LIC HFL). Under this, IPPB will sell housing finance products of LIC Housing Finance to its 4.5 crore customers. Through its strong and large network of 650 branches and extensive network of 1,36,000 banking access points, IPPB will make available the home loan products of LICHFL to customers on a pan-India basis. LIC Housing Finance offers salaried home loans up to Rs 50 lakh at an introductory interest rate of 6.66 percent.
A joint statement issued by both the companies said that the tie-up with LIC HFL is part of IPPB ‘s strategy to expand the reach of its products and services. Through this tie-up, IPPB will cater to the banking and financial needs of diverse customers across the country, especially in unbanked or underserved areas. IPPB is already distributing general insurance and life insurance products in partnership with insurance companies.
IPPB has a network of two lakh postal workers (postmen and Gramin Dak Sevaks), the statement said. These employees have micro ATMs and biometric devices through which they fulfill the needs of banking services at their doorstep. These will play a vital role in selling the housing loan of LICHFL.
HDFC Bank ties up with NSIC
Private sector HDFC Bank on Tuesday said it has entered into an agreement with the National Small Industries Corporation (NSAIC) to provide credit support to micro, small and medium enterprises (MSMEs). Under this agreement, HDFC Bank will provide specially designed schemes for MSMEs to enhance their competitiveness.
The country’s largest private sector bank said in a statement that HDFC Bank has signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation to provide credit support to MSMEs across the country. Rahul Shukla, Group Head (Commercial and Rural Banking), HDFC Bank said that MSMEs are the backbone of the country in terms of economic growth and job creation. As such, partnership with NSIC will help in the growth of the sector. As a result, the economy will get a boost.
Bank of India ties up with MAS Financial Services
State-owned Bank of India (BoI) on Tuesday said it has tied up with MAS Financial Services to enhance credit availability to the Micro, Small and Medium Enterprises (MSME) sector. This agreement has been done on the occasion of 116th Foundation Day of the bank. The co-lending arrangement was introduced by the Reserve Bank to enhance credit flow to the under-privileged or under-reached sector by using active NBFC (Non-Banking Financial Services) coverage for the informal sector.
Bank of India Managing Director and CEO Atanu Kumar Das said in a release that BoI will leverage NBFC reach to enhance MSME lending service. While celebrating the foundation day at all its 10 National Banking Group (NBG) offices, 59 regional offices, 5,084 domestic and 23 overseas branches and 5,323 ATMs, Das expressed gratitude to all the stakeholders.