Description

Highlights

HDFC Bank has announced the introduction of the "SmartHub Vyapar programme" and the "AutoFirst" app, the following two initiatives/applications, to offer a digital push to small business loans. The banking institution has over 2.7 million merchants on board and is acquiring 100,000 merchants every month. In three years, HDFC Bank hopes to have 20 million retailers on board. More than half of the newly onboarded retailers operate only through the app platform.

AutoFirst App

The bank is already processing at least 1,000 crores in service provider loans each month and plans to triple the run charge. HDFC Bank is considering launching a service dubbed 'AutoFirst,' which will provide entirely automated vehicle financing.

Vyapar SmartHub Program

The SmartHub Vyapar retail project is set to launch soon. Credit cards, UPI, QR codes, tap pay, and SMS-based payments are all supported by one single app.

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