Friday, September 24, 2021

HDFC Bank, CSC launch overdraft scheme for small retailers

2021: HDFC Bank today announced the launch of an overdraft facility for small
retailers in partnership with CSC SPV. Known as ‘Dukandar Overdraft Scheme’, this facility will help shopkeepers and merchants ease their cash crunch.

Retailers operating for a minimum of three years can avail the overdraft facility by providing 6 months bank statement from any bank. Based on the statement, the bank may approve an overdraft limit from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs. No collateral security, business financials and income tax returns would be required to apply for this facility.

Ms. Smita Bhagat, Country Head – Goverment and Institutional Business said, “Over the past year, the global economy has had to contend with the unprecedented circumstances brought about by Covid19. The prevailing conditions have been particularly harsh on small businesses. HDFC Bank together with CSC has launched this initiative to sustain these small retailers, to help motivate them and create better business opportunities. We at HDFC Bank are trying to create supportive schemes to help businesses get back on their feet before the start of the festive season. The
Dukandar Overdraft scheme for shopkeepers and village level entrepreneurs is a step in that direction. I am confident this will provide a much-needed relief to thousands of small traders.”

Mr. Dinesh Tyagi, Managing Director, CSC SPV said, “The Dukandar Overdraft is a practical offering, specially during these difficult and uncertain times for small shopkeepers and businesses and our VLEs alike. This will help them tide through difficulties and bounce back as the country recovers from the economic impact of Covid.”

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