HDFC Bank – Page 3

HDFC Bank launches Digital Distribution Platform for its agents and Partners: HDFC Bank Smart Saathi

May 1, 2023 TeluguSuperNews Leave a comment

Telugu super news,Mumbai, May 1, 2023: HDFC Bank, India’s leading private sector bank, has introduced a Digital Distribution Platform (DDP) – ‘HDFC Bank Smart Saathi’, a state-of-the-art solution which is built on a robust and digitally enabled technology architecture that provides a secure and user-friendly experience to all its users. This launch marks a significant milestone in HDFC Bank’s mission to provide innovative solutions that cater to the evolving needs of its customers. This platform will use advanced technology solutions to connect Business Correspondents (BCs) and Business Facilitators (BFs)to the bank. This network of Business Correspondents and Business Facilitators will boost financial inclusion by taking banking products and services to the last mile. The bank’s deep learning of semi urban and rural ecosystem has been utilised to develop this user-friendly platform.

‘HDFC Bank Smart Saathi’ was launched in Delhi by Mr Vivek Joshi, Secretary, Department of Financial Services, and Ms Smita Bhagat, Group Head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank.

Also present on the occasion were Mr Mukesh Bansal, Joint Secretary, Department of Financial Services, and senior executives Mr Dinesh Luthra and Mr Ajay Sharma from HDFC Bank.

“Digital Platforms such as these will contribute towards fulfilling India’s vision of a cashless economy and true digital financial inclusion. HDFC Bank Smart Saathi will contribute by making banking products and services available, especially credit for rural customers, which will help in the development of our country. However, there are still behavioural changes that are required across some customer segments like farmers transacting at mandis, to make cashless India a bigger success. The Business Correspondents will help in bringing about this behavioural change,” said Mr. Vivek Joshi, Secretary, Department of Financial Services.

“Over the next 12 to 18 months we plan to reach two lakh villages through a combination of our branches and agent network. The launch of this platform is an important step towards meeting this objective. The prosperity of rural India, where about 70 per cent of our people live, is integral to realising the vision of $ 5 trillion economy,” said Ms Smita Bhagat, Group Head, Government and Institutional Business, Alternate Banking Channels and Partnerships, Inclusive Banking Group and Start-Ups, HDFC Bank.

Business Correspondents have traditionally focused primarily on opening accounts and transactions. HDFC Bank Smart Saathi, as a key differentiator, will enable its agents to offer over 40 banking products and services, including loan products. This will help in enhanced income generation for the agents and also help customers to access easy credit. The platform will also boost capacity building for agents and further financial literacy for customers.

HDFC Bank signs agreement with Export Import Bank of Korea for US Import Bank of Korearedit line to be used to fund Korea related businesses

April 12, 2023 TeluguSuperNews Leave a comment

Telugu super news,Ahmedabad, April 12, 2023: HDFC Bank, India’s leading private sector bank announced it has signed a Master Inter Bank Credit Agreement with Export Import Bank of Korea for a US $ 300 million line of credit.. The pact was signed at GIFT City, Gujarat. This will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses.

This line of credit would be utilised by HDFC Bank towards funding requirements of

1. Companies having equity participation by Korean companies

2. Companies having business relationship with Korean companies

3. Consumers for purchase of cars manufactured by Korea related Companies.

The pact is likely to promote and increase the bank’s business with Korean entities and products. The first drawdown under the program would happen by May.

“Our agreement with Korean Eximbank will further strengthen and support trade and investment flows between India and Korea which can potentially create more jobs in the country. We will pursue deals under this agreement and may look to expand the programme,.” said Mr Arup Rakshit, Group Head, Treasury, Sales Analytics and Overseas Business

The signing ceremony was attended by Export Import Bank of Korea’s team led by Mr. Choun-Jae Lee, Director General, Head of Interbank Finance Department. Others present on the occasion from Export Import Bank of Korea were, Ms. Ki-young Jung, Senior Loan Officer, Interbank Finance Department and Mr. Kisang Kim, Chief Representative, New Delhi Representative Office. HDFC Bank was represented by Mr. Arup Rakshit, Group Head Treasury, Sales, Analytics and Overseas Business, Mr. Kapil Bansal, Executive Vice President, Head Overseas Business Treasury, Mr. Anand Iyer, Head GIFT City IBU.

HDFC Bank Chief Economist Mr. Abheek Barua Comment on RBI Monetary Policy..

April 7, 2023 TeluguSuperNews Leave a comment

Telugu super news, news, Hyderabad,April 7th,2023:RBI Comment:The RBI successfully delivered a hawkish pause in yester days’ policy announcement keeping the policy rate unchanged at 6.5% while keeping the door open for further rate action. The central bank kept its stance unchanged at “withdrawal of accommodation”, justifying it by still looming inflationary risks. Growth was surprisingly revised upwards to 6.5% for FY24 while inflation forecast for Q4 FY24 was revised down – most likely on account of base effects. We expect that growth could be lower at 6% this fiscal while there are upside risks to the RBI’s inflation forecast, especially given the impending risks around oil prices and the performance of monsoons.

Going forward, the RBI could go for “the higher for longer” narrative – staying on an extended pause in FY24 while tightening liquidity conditions. Therefore, short-term rates could remain under pressure over the coming months. For the 10-year yield we could see some pressure return once the governments’ borrowing program kicks in and a range of 7.20-7.30% is likely in the first quarter.

HDFC Bank launches Regalia Gold Credit Card

March 23, 2023 TeluguSuperNews Leave a comment

Telugu Super News,India, March 23,2023: HDFC Bank today announced the launch of Regalia Gold Credit Card—a super-premium credit card with unparalleled features and benefits—in its Regalia range of credit cards.The card is packed with Best-in-Class Travel and Lifestyle benefits, allowing customers to redeem rewards for global travel and on a collection of premium brands via the exclusive Regalia Gold catalogue. It also offers cardholders complimentary airport lounge access globally, and premium milestone benefits.

Regalia Gold is HDFC Bank’s latest foray into the ‘Super Premium Category’. The credit card will be available to high-income individuals andis designed exclusively to cater to the needs and requirements of travellers and lifestyle enthusiasts.

“It is our endeavour to serve almost every customer segment. After a hiatus, travel and lifestyle segments are bothlooking robust in terms of growth. Tourism numbers remain strong. Lifestyle spends are increasing. A credit card tailor-made for travel and lifestyle needs, we believe will serve the needs of a wide customer base. Regalia Gold provides a one stop solution with a host of exclusive offers and benefits as well as access to global travel facilitators, airport lounges, and curated benefits on lifestyle brands,” saidMr.Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and Information Technology.

With the all-new Regalia Gold Credit Card, you get:

Best-in-class redemption program:

o Let’s you redeem rewards on global flights + hotel stays + airmiles and on a collection of premium brands via the exclusive Regalia Gold catalogue

Privileged Travel Experience:

o Club Vistara Silver Tier Membership & MMT Black Elite Membership

o Global Airport Lounge Access and Priority Pass Membership

o Complimentary Airport Cab Vouchers*

Rewarding Everyday Indulgences:

o 5X Rewards on Myntra, Nykaa, M&S, Reliance Digital

o 4 Reward Points per Rs.150 onretailspends*

Luxurious Milestone Benefits:

· Upto 2 Flight Ticket vouchers every year on annual spends milestones

· Marriott vouchersand more on quarterly spends milestones

HDFC Bank, India’s largest private bank, is the leading player in the payment’s ecosystem in the country with over 1.65 crore credit cards and, an overall cumulative card base of over 6 crore, including credit, debit, and prepaid cards; addressing the need of different market segments.

HDFC Bank continues investing in platform technologies to improve customer experience and enhance efficiencies

March 17, 2023 TeluguSuperNews Leave a comment

Telugu Super News,India,March 17,2023:HDFC Bank Ltd has appointed Backbase to deliver their vision for a market-leading digital banking experience in India. Backbase powers HDFC Bank’s next-gen retail banking, enabling a more seamless customer experience across digital touchpoints in response to changing consumer expectations and new regulatory requirements.

HDFC Bank is India’s largest private sector bank, providing innovative products and smart banking solutions to over 70 million customers across India. A Backbase customer since 2016, HDFC Bank has renewed its agreement in line with its technical design principles of security, horizontal scalability, and remaining cloud agnostic.

Built as one unified platform to engage and orchestrate frictionless experiences across all touchpoints at every stage of the customer lifecycle across retail banking, business banking, digital lending, and wealth management, Backbase has helped 150+ banks and credit unions around the globe re-architect banking around their customers.

“Indian consumers expect digital banking to match the seamless experience of their favourite e-commerce and social media platforms. In addition to savvy UI, from savings to loans to payments and beyond, customers want to effortlessly complete transactions, easily and quickly, anytime and anywhere. Backbase’s banking platform has been assessed to be what we need and; we are confident that it will help us develop new services faster,” Ramesh Lakshminarayanan, CIO and Group IT Head, HDFC Bank said.

HDFC Bank’s next-gen customer-first internet banking architecture will be run and managed on the Backbase Engagement Banking Platform. The digital banking platform meets Indian money transfer regulations, via seamless integrations with Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and UPI Payments, and encompasses enhanced, configurable local security features on par with local industry standards.

HDFC Bank continues to invest in technologies to improve customer experience and enhance efficiencies by providing a seamless experience to their customers across all platforms, on the back of a resilient infrastructure, building on the HDFC Bank Enterprise and Digital Factory established in June 2021.

“I’m delighted to continue partnering with HDFC Bank to bring platform-era banking to its millions of customers,” Jouk Pleiter, CEO, Backbase said. “We’ve worked tirelessly to earn the trust of HDFC Bank, and we’re excited to deliver a next-generation banking experience in one of the most important and innovative banking markets in the world.”

Localized delivery
Backbase provides seamless local engineering, implementation and customer support, for banks in India, including HDFC Bank, through its Asia Customer Success hub and Hyderabad Backbase Development Center (BDC), freeing financial institutions to focus on delivering hyper-personalized experiences and support as well as generating new revenue streams. In addition, for banks with hybrid or pure cloud implementation, Backbase provides local support via our data centers within Mumbai and Hyderabad.

“Our strong local technology and engineering resources allow us to do it right the first time, and to do more with less,” Abhijit Chavan, Regional Vice President, Customer Success, Asia, Backbase explained. “Our engineering investment in India and customer success hub provides instant digital execution power to Indian financial institutions as they move to a unified banking platform architecture.”

IRCTC partners with HDFC Bank to launch India’s
most rewarding co-branded travel credit card

March 3, 2023 TeluguSuperNews Leave a comment

Telugu Super News,India, March 3rd,2023: Indian Railway Catering and Tourism Corporation Ltd (IRCTC), the public sector undertaking under the Ministry of Railways, and HDFC Bank, India’s largest private sector bank today announced a partnership to launch one of India’s most rewarding co-branded travel credit cards. Known as the IRCTC HDFC Bank Credit Card, the newly launched co-branded card is in a single variant and is available exclusively on NPCI’s Rupay network.

It will provide exclusive benefits and maximum savings on bookings of train tickets booked through the IRCTC’s ticketing website and through IRCTC Rail Connect app. Additionally, IRCTC HDFC Bank Credit cardholders will enjoy an attractive joining bonus, discounts on bookings and access to the several executive lounges at railway stations across the country.

The card combines the strength of two leading Indian brands to deliver superior value and an enhanced customer experience to travellers. It will leverage HDFC Bank’s expertise as the market leader in card issuance in the country, offering its best-in-class rewards programme, and IRCTC’s unmatched services on train travel.

The credit card was launched by Ms. Rajni Hasija, Chairman & Managing Director, IRCTC, Mr. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank and Ms. Praveena Rai, COO, NPCI at a launch ceremony held at New Delhi.

Commenting on the association, Ms. Rajni Hasija, Chairman & Managing Director, IRCTC said, “HDFC Bank is among the largest and most trusted banks in the country. We are delighted to partner with them for this initiative. The co-branded card offers exclusive access to newly opened state-of-the-art lounges available at most of the major railway stations. The credit card will help to streamline online transactions and at the same time offer best-in-class benefits as well as experience to our customers.”

Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank said, “HDFC Bank is committed to providing best-in-class banking services to the nation. The IRCTC HDFC Bank Credit Card will enable us to offer our card to millions of Indians across the country. Indian Railways is one of the biggest public sector enterprises in the country and we are delighted to be the first private sector bank to partner with IRCTC to enhance customer experience for train travellers, right from the time of booking their tickets. As the largest card issuer in the country, it is our endeavour consistently to find new ways to nurture and support the payments ecosystem in India.”

Ms. Praveena Rai, Chief Operating Officer – National Payments Corporation of India said, “At RuPay, we have customers at the heart of all our offerings & innovations. We are happy to partner with IRCTC & HDFC Bank for a cobranded credit card which will offer seamless payment convenience and appealing benefits to customers for rail travel as well as their shopping needs. With RuPay Credit Cards now enabled on UPI for payments, this cobranded card will provide impetus to further adoption and reach of digital payments across India.”

Key features and benefits of the IRCTC HDFC Bank Credit Card include:

Welcome Benefit – INR 500 Amazon voucher on card activation within 30 days of card issuance
5 Reward Points per Rs.100 spent on ticket bookings at www.irctc.co.in
5% Cashback on booking via Smart Buy
1 Reward Point per Rs.100 spent (not applicable on EMI, Fuel and Wallet re-load txns, on rental payments and Government related transactions)
8 Complimentary IRCTC Railway Lounge Access per year
Additional reward Points on AC ticket booking
INR 500 Welcome Gift voucher on card activation within 30 days of card issuance.
Gift Voucher worth INR 500 on spends of INR 30,000 within 90 days
1% Transaction charges waiver on IRCTC Website and App

IRCTC HDFC Bank co brand credit card customers can apply for the credit card through the websites of both IRCTC and HDFC Bank and access key details of the card through the app while enjoying a simple and even more rewarding experience. They can also walk in to the nearest HDFC Bank branch to apply for the card.

Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is a “Mini Ratna (Category-I)” Central Public Sector Enterprise under Ministry of Railways, Government of India. IRCTC was incorporated on 27th September, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information & commercial publicity and global reservation systems.

HDFC Bank, Lulu Exchange partner to boost cross-border payments between India and Middle East

February 23, 2023 TeluguSuperNews Leave a comment

Telugu Super News,India,February23, 2023: India’s largest private sector bank – HDFC Bank, and UAE based financial services company – Lulu Exchange, have signed an agreement to strengthen cross-border payments between India and Gulf Cooperation Council (GCC) region.

In its first phase, the partnership will draw on Lulu Exchange’s expertise and regulatory framework to launch a digital inward remittance service titled ‘RemitNow2India’ that will allow resident individuals of UAE to send money to any bank account in India via IMPS and NEFT through HDFC Bank’s digital banking channels.

The partnership will also look to strengthen the existing relationship between the two entities in India, where LuLu Financial Group operates LuLu Forex and the NBFC division LuLu Finserv.

Speaking on the partnership, Arvind Vohra, Group Head – Retail Branch Banking, HDFC Bank said, “Our partnership builds on each other’s strengths. While HDFC Bank potentially gains access to remittances from Lulu Exchange’s employees, customers and other stakeholders, Lulu Exchange can capitalise on a trusted name with a vast network. As a bank, we can help the people in UAE particularly the Indian diaspora to send money conveniently and in a seamless manner into the country.”

Adeeb Ahamed, MD, LuLu Financial Group, commented, “We are delighted to partner with HDFC Bank and enable our remittance-as-a-service platform on their digital banking solutions. The UAE-India payments corridor is one of the largest in the world, and this partnership will build upon existing capabilities to ease money transfer for thousands of Indian expats living in the UAE, while setting the foundation for the eventual integration of this service in other parts of GCC where we have a presence.”

Both HDFC Bank and LuLu Exchange will leverage each other’s goodwill, trust, regulatory tech, and vast service network to extend this partnership through a series of online and offline initiatives.

HDFC Bank Chief Economist Abheek Barua Comments on Monetary Policy

February 15, 2023 TeluguSuperNews Leave a comment

Telugu Super News, Febraury 15th,2023: The RBI raised the repo rate by 25bps and kept its stance unchanged at “withdrawal of accommodation” on expected lines. The policy tone was hawkish as the RBI recognised that they are still away from achieving their objective of durable disinflation. In terms of the inflation risks, the RBI highlighted the elevated nature of core inflation and continuing global risks that could push up domestic inflation going forward. On growth, the RBI pegged GDP growth at 6.4% in FY24, higher than consensus expectations – sounding optimistic on the growth momentum. Going forward, the central bank is likely to become more data dependent, and this does not rule out another rate hike in the upcoming policy.

On liquidity, the RBI recognised that there might be some reduction in liquidity surplus as the facilities provided during the pandemic end, while providing reassurance that they are likely to balance these out through various instruments available at their disposable. Despite the comments on liquidity conditions remaining accommodative compared to pre-pandemic levels – signalling a somewhat hawkish tone – we expect the RBI to maintain adequate liquidity surplus to remain growth supportive going forward.

HDFC Bank launches pilot for Offline Digital Payments

February 13, 2023 TeluguSuperNews Leave a comment

Telugu Super News,Mumbai,Febraury 13th,2023: HDFC Bank has launched a pilot in partnership with Crunchfish, to test offline digital payments for merchants and customers under the RBI’s Regulatory Sandbox Program, known as ‘OfflinePay’.

HDFC Bank’s ‘OfflinePay’ will enable customers and merchants to make and receive payments even when there is no mobile network. HDFC Bank is the first bank in the industry to launch a digital payment solution in a completely offline mode. This can boost adoption of digital payments in smaller towns and rural areas with poor network connectivity.

Even in urban centres, it can enable cashless payments during large public events, fairs & exhibitions despite network congestion; underground metro stations, parking lots, & retail stores with network blind spots; and even in airplanes, sea-ferries, and trains with no network.

HDFC Bank has been working with the regulator to pilot offline digital payments under the Payments cohort of RBI’s Regulatory Sandbox program. In September 2022, RBI approved HDFC Bank’s application, in partnership with Crunchfish, to access the Regulatory Sandbox. Crunchfish Digital Cash AB is a subsidiary of Crunchfish AB, a publicly listed company on Nasdaq First North Growth Market in Stockholm, Sweden. The pilot, if successful, will provide the basis for RBI’s guidance and regulatory support in providing offline digital payments based on ‘Crunchfish Digital Cash’ platform to the payment ecosystem of India.

Digital Payment typically requires one party (either the customer or the merchant) to be online. This limits the usage of such payments to areas with good data connectivity. HDFC Bank’s ‘OfflinePay’ brings in the unique capability where both customer and merchant can be fully offline and yet do the transaction. Merchants can receive an instant payment confirmation even in an offline mode. As soon as either the merchant or the customer goes online, the transaction gets settled.

“HDFC Bank is pleased to work under regulator’s guidance and partner with Crunchfish Digital Cash to launch ‘OfflinePay’, an industry-first digital solution. This innovation will accelerate financial inclusion in remote areas by enabling adoption of digital payments as both merchants and customers can do transactions without any network. HDFC Bank is committed to bring more digital innovations and payment solutions to its customers and merchants,” said Parag Rao, Country Head for Payments Business, Consumer Finance, Digital Banking, and Marketing at HDFC Bank.

As of now, HDFC Bank would roll-out this service as part of a limited pilot for 4 months in 16+ cities & towns across India. Bank would be enabling merchants and users of even other banks to experience ‘OfflinePay’ via an invitation link. During the pilot, the offline transaction amount would be limited to up to Rs. 200 per txn. To showcase off-us transactions with other bank’s customers and merchants, HDFC Bank has partnered with IDFC First Bank. For building customer & merchant apps for pilot, HDFC Bank had enrolled M2P Fintech Pvt Ltd.

HDFC Bank partners with Microsoft as part of its Digital Transformation Journey

January 4, 2023 TeluguSuperNews Leave a comment

Telugu Super News,India, 2023: HDFC Bank, India’s largest private sector bank, is partnering with Microsoft in the next phase of its digital transformationjourney and unlocking business value by transforming the application portfolio, modernizing the data landscape and securing the enterprise with Microsoft Cloud.

HDFC Bank as a part of its Future Ready strategy is developing in house IPs as well as partnering with several companies including FinTechs’ to co -create technology IPs.

Thebank will leverage Microsoft Azure to consolidate and modernize its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence.

Built on Microsoft Azure stack, the solution will enable the bank to democratize and monetize its data landscape catering to several business units,spanning multiple systems, reports and processes. The solution powered by its unified architecture, collaborative engineering environment, industry-leading security andecosystem of AI/ML based deep learning capabilities.

In addition, the Bank will also leverage Microsoft Power Platform’s industry-leading low code, no code capabilities to set up an App Innovation and Automation Factory. The App Factory will enable the Bank to migrate, modernize and transform its application portfolio.

“Our partnership with Microsoft is a part of our technology transformation agenda by investing in running the bank as well as building the bank of the future. At the heart of this is the ability to offer a neo banking experience to our customers that is second to none. We are doing this by investing in proprietary IP as well through tie ups like these,” said Ramesh Lakshminarayanan, Group Head – Information Technology and Chief Information Officer, HDFC Bank.

Sashi Sreedharan, Managing Director Microsoft India said,“We are delighted to be part of HDFC Bank’s digital transformation journey and to partner with them to create best-in-class products and services. These products and services will adhere to strict security and compliance standards for customers by leveraging Microsoft Cloud Platform and technologies. The partnership will also advance the bank’s digital workplace transformation with Microsoft 365 and will significantly enhance customer and employee experience”.

HDFC Bank will also leverage Microsoft 365, to adopt a modern, integrated and secure Digital Workplacecovering three critical areas of transformation – employee collaboration, app modernization and secureremote work. Further, HDFC Bank has embedded Microsoft Security solutions to seamlessly enable secure hybrid work for its employees.

About HDFC Bank

For more information, please click here: www.hdfcbank.com

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