HDFC Bank Business Correspondent (BC) Model

With the objective of ensuring greater Financial Inclusion and increasing outreach of the banking sector, Banks have been permitted to use the services of NGOs/SHGs, Micro Finance Institutions (MFIs) and other Civil Society Organizations (CSOs) as intermediaries in providing Financial and Banking services using Business Correspondent Model. Business Correspondent is an extended arm of the Bank Branch who is providing Financial and Banking services to the customers in unbanked and underbanked areas.

Our Bank empanel Corporate Business Correspondents who in turn deploy Individual Business Correspondents at the allotted BC locations. At present, Bank has empanelled 5 Corporate Business Correspondents and they have deployed 1300+ Business Correspondents PAN India for serving unpenetrated and under penetrated geography of the country.

Our Corporate Business Correspondents

Centillion Solution and Services Pvt Ltd
Myroots Rural Business Centres Private Limited
Evergreen Proserv Private Limited
Sub-K Impact Solutions Ltd
Business Correspondent RBG

Services available at BC outlets

Sr. No.	Services Offered
1	Account Opening
2	Cash Deposit
3	Cash Withdrawal
4	Fund Transfer
5	Balance Enquiry
6	Mini Statement
7	Enrolment of Social Security Schemes · Pradhan Mantri Suraksha Bima Yojna (PMSBY) · Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) · Atal Pension Yojna (APY)

More about Business Correspondent

Increased Financial Access

Business Correspondents (BCs) extend banking services to remote and underserved areas, allowing more people to access essential financial services like savings accounts and loans.

Enhanced Financial Inclusion

By reaching communities without bank branches, BCs promote financial inclusion and help integrate more individuals into the formal financial system.

Convenience for Customers

Business Correspondents offer basic banking services closer to customers’ homes, saving them time and travel expenses associated with visiting a bank branch.

Local Economic Development

BCs support local economies by providing financial services and creating job opportunities within their communities.

Improved Service Availability

BCs often provide services during extended hours, including weekends and holidays, increasing customer availability and convenience.

Personalised Service

Business Correspondents offer a personal touch, understanding local needs and building trust with customers, which can improve customer satisfaction and retention.

Reduced Banking Costs

By using local intermediaries, banks can lower operational costs related to setting up and maintaining physical branches.

Efficient Cash Handling

BCs handle transactions and cash management in their areas, reducing the need for banks to transport and manage cash in remote locations.

Increased Financial Literacy

BCs often educate customers about financial products and services, enhancing their understanding and helping them make informed financial decisions.

To apply for Banking Business Correspondent, visit HDFC Bank's official website, move to 'Agri' and choose 'Business Correspondent' to proceed with the next steps.

Frequently Asked Questions

HDFC Bank’s Correspondence Banking Services are designed for companies engaged in international trade. This includes foreign organisations doing business with Indian companies or enterprises with overseas interests. They can route inward and outward remittances through their HDFC Bank Account for quick processing.

Business Correspondents help people with banking tasks like opening accounts and making deposits directly. Business Facilitators, on the other hand, only refer people to banks and don’t handle money themselves. They help connect customers with banks but don’t provide services on behalf of the bank.

The Business Correspondent Model lets banks work with local groups like NGOs and small organisations to provide banking services in areas without banks. These local partners, known as Business Correspondents, help people with tasks like opening accounts and handling money, making banking more accessible.