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OD Facility upto Rs 10 lakh launched by HDFC and CSC

Published on July 28, 2021
Current Context: The HDFC Bank in partnership with Common Services Centres e-Governance India Ltd, Special Purpose Vehicle (CSC SPV) launched an OverDraft (OD) facility for small retailers.
OD Facility upto Rs 10 lakh launched by HDFC and CSC
  • The name of the OD facility is ‘Dukandar Overdraft Scheme’.
  • The facility will help shopkeepers and merchants to ease their financial requirements.
  • The retailers who are in business for a minimum of three years are eligible to take the benefit of the facility.
  • As per the facility, an OD of a minimum of Rs 50,000 to a maximum of Rs 10 lakhs will be granted to such retailers.
  • The shops which are in operation for less than 6 years can avail amount upto Rs 7.5 lakhs and the shops which are in operation for more than 6 years can avail amount upto Rs 10 lakh.
  • However, they will have to submit six months bank statement from any bank and accordingly the OD amount will be sanctioned.
  • The HDFC Bank won’t seek collateral security, business financials, and income tax returns from retailers who apply for the scheme.
  • The facility offers a commission of 0.40% to 0.80% for loan amounts of Rs 5 Lakhs and above for village-level entrepreneurs (VLE) along with over 600 branches and virtual relationship management support.
  • Static Part: 
    • HQ of HDFC Bank: Mumbai
    • MD and CEO of HDFC Bank: Sashidhar Jagdhishan
    • Tagline of HDFC Bank: We understand your world
    • What is OverDraft Facility?: It is credit support which is offered by the bank to help customers to withdraw money from saving or current account even when there is no balance or minimum balance
    • MD of CSC SPV: Dinesh Kumar Tyagi

Question: 

Q.1 Which bank in partnership with Common Services Centres e-Governance India Ltd, Special Purpose Vehicle (CSC SPV) launched an OD facility called ‘Dukandar Overdraft Scheme’ for small retailers?
a. ICICI Bank
b. Kotak Mahindra Bank
c. Axis Bank
d. HDFC Bank
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