HDFC Bank today signed a Memorandum of Understanding with Manipal Business Solutions (MBS), a fully owned subsidiary of Manipal Technologies Limited (MTL).
Through this MoU, MBS will become a corporate business correspondent of HDFC Bank.
This partnership will primarily aid in inculcating savings behaviour and will bring banking products and services to deeper geographies. The idea is to educate consumers on the importance of Banking and managing money, the company said in a press release.
MBS with its reach and expertise will act as a banking point catering to collection and payment of small deposits and withdrawals in areas which are unbanked, furnish of mini account statements and other account information. This will also provide digital solutions and finance options to small traders and merchants, the press release added.
"With our partnership with MBS, we will foster collaboration and longevity and allow the Alliance to offer banking services and solutions by leveraging their network and platform,” said Smita Bhagat, Country Head, HDFC Bank
Kamaljeet Rastogi, CEO – MBS, said “Through this partnership, we’ll offer all asset and liability banking products & services, which is in line with our vision of providing affordable banking access in rural India.”
