Business Wire IndiaHDFC Bank’s efforts in furthering financial inclusion through partnership with Government of India’s Common Service Centres (CSC) have been adjudged ‘Most Innovative Best Practice’ for financial inclusion at the coveted CII Digital Transformation Award 2021.
HDFC Bank focuses on financial inclusion by offering entire bouquet of its world-class products through CSC’s network of VLE centres:
Partnering with CSC entailed ‘creating a parallel bank’ for over 1 lakh village level entrepreneurs, manning the VLE centre, who’d offer all products and services of the bank, in remotest areas of the country.
Building the digital platform
Building digital journeys for all bank Products and Services
Training and education of 1.1 lakh VLEs based at remote locations
Some of the remotest locations where banking services were made possible through this innovation are –
The Confederation of Indian Industry (CII) instituted the digital transformation award to recognize excellence in Digital Transformation in India. CII received 450 entries for the category. Of these, the jury invited 76 for the presentation and based its decision on four parameters viz. Optimal utilization of technology; Uniqueness of the solution; Cost benefits to the organization (financial and non-financial); and Scope of replicability. To read more about methodology, please click here.
“We are thrilled to receive this award,” said Ms. Smita Bhagat, Group Head - Government and Institutional Business, BC Banking (CSC partnership), and Start-ups, HDFC Bank. “I feel Roti, Kapda, Makaan and Access to banking and finance are basic necessities today. This initiative is changing lives for real and we are grateful we could bring about transformation at such a large scale. This would not have been possible without CSC e-Governance and its CEO Mr Dinesh Tyagi. This is just a beginning and we have many more miles to walk.”
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