HDFC Bank inks MoU with MBS to gain wider fintech foothold

HDFC Bank has signed a Memorandum of Understanding  (MOU) with Manipal Business Solutions (MBS), a fully owned subsidiary of Manipal Technologies Limited (MTL). Through this association, MBS will become a corporate business correspondent of the Mumbai-based banking major. The MoU was signed by Rajesh Shet, CBO, Manipal Business Solutions and Dinesh Luthra, National Head Corporate BC Business, HDFC Bank, in the presence of Smita Bhagat, Country Head GIB, CSC, E-Commerce, Start-ups & Inclusive Banking Initiatives Group, HDFC Bank and Ajay Kumar Sharma, National Product Head, Corporate BC Business, HDFC Bank at Delhi.

"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. We want to take banking across the country wherein a non-banking consumer can perform Banking functions at ease and is able to experience best financial services with impact on their life,” said Smita Bhagat, Country Head, HDFC Bank.

As per HDFC Bank's announcement, the partnership will primarily aid in inculcating savings behaviour and will bring banking products and services to deeper geographies. MBS 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 company said.

“Our expertise in the financial inclusion domain, led by our SahiPay merchant network and backed by cutting-edge technology makes us the right partner for HDFC Bank to extend their banking services to the unbanked. 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," said Kamaljeet Rastogi, chief executive officer of MBS.