India’s HDFC Bank has introduced Small Business Money Back Credit Card for small traders and village-level entrepreneurs (VLEs).
The new HDFC credit card was launched in collaboration with Common Services Centres (CSCs), a Government of India special purpose vehicle (SPV) to deliver e-services to remote locations.
In a statement, the Indian lender said that the credit card is designed for the CSC’s VLEs and VLE-sourced customers.
It will provide the users with easy access to credit to meet their daily business expenses.
During the launch, personalised cards were handed out to a few women rural entrepreneurs.
The launch builds on an MoU signed between HDFC Bank and CSC in July 2018 to deliver banking services to rural and remote locations.
HDFC Bank head of government & institutional business and e-commerce Smita Bhagat said: “We are extremely happy to be part of this occasion and help empower women VLEs.
“We have launched the Small Business MoneyBack Credit Card as a part of this commitment. It is our endeavour to help and provide services across all geographies with focus on making rural India become prosperous.
“This is part of the larger objective of offering the same range of customised products and services in rural India as in urban India.”
According to a PTI report, nearly INR700bn ($10.18bn) worth of business is transacted through the network of CSCs in India.
Recently, another Indian lender Axis Bank launched a co-branded credit card in partnership with e-commerce major Flipkart.