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26 Jan 2021, Edition - 2023, Tuesday

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Coimbatore

HDFC’s ‘Dhanchayat’ on safe borrowing

Covai Post Network

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HDFC Bank, as part of its latest Corporate Social Responsibility (CSR) initiative, on Saturday launched ‘Dhanchayat,’ an educational film to create awareness on the dangers of borrowing money from the unorganised sector.

The film was launched under the aegis of Swachh Banking, which was aimed at creating a better understanding about clean and convenient banking available through the organised sector, Madhusudan Hegde, Branch Banking Head, HDFC, told reporters here.

The film would showcase the importance of transparency in financial dealings, as also the dignity and self-respect of the individual in the borrowing process, to the rural population, he added.

As against the bank interest of 12 to 14 per cent, the unorganised sector charged 25 to 36 per cent interest, making the borrower a permanent debtor in the hands of the money lenders in the villages, Mr. Hegde said.

A van displaying the film would cover six districts in and around Coimbatore and would cover
80 villages in 45 days. “The bank is not looking for business and will not force anyone to open an account in HDFC”.

As for national coverage, he said that vans launched in Maharashtra and Punjab would cover 5,000 villages in 45 to 60 days, including 300 villages in Tamil Nadu alone.

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