A message on demonetisation – Aditya Puri, MD, HDFC Bank

By | November 5, 2016

Dear Patron,

We truly appreciate your co-operation and patience during this period of transition.
It is necessary that we all understand that the country is moving towards reduced usage of cash. Going forward, ‘Digital’ banking is a joint effort between the Government, banks and customers.
Fundamentally, the aim is to ensure that a customer is not inconvenienced on account of not carrying cash. We, at HDFC Bank, feel this is a laudable objective which will provide benefits to the economy and people in the long run.

Just to list out a few:

Demonetisation is almost a necessity to root out counterfeit notes which have a direct correlation with terror funding and other fraudulent activities.
If a country is to progress we cannot have less than 10% of the population paying Income Tax. An effort is being made to ensure that people conduct their business in a fair and transparent manner. Increased ‘Digital’ transactions will not only provide convenience to the customers but will also root out corruption and bring down the cost of banking services.
It is imperative that the savings of individuals and businesses are used to spur investments. It is further necessary that most of the currency in circulation is moving through the banks rather than being stored at various places in an unproductive manner. This will give banks the capacity to lend and also to bring interest rates down in order to spur investment and be competitive.
A study by MasterCard shows that the cost of using cash i.e. printing, transporting, storage, soiled notes, etc. is almost 1.5% of GDP. The move to ‘Digital’ transactions, through the Banking System will not only benefit the customer but also the economy through lowering of cost.
We also need to bring to semi-urban and rural India the convenience of dealing ‘Digitally’ and getting services/ loans at competitive rates.
We, at HDFC Bank, have been working to use Technology and Connectivity to provide you with the most convenient service at the best price. Specifically:
We have reduced our turnaround time (TAT) on all kinds of loans (Personal Loans, Auto Loans, Loans Against Shares, Consumer Durable Loans, etc.) to between 10 seconds to 3 hours. We have also made it convenient for you to apply through any access channel i.e. MobileBanking, NetBanking or the branch
We have developed products to make payments of all kinds most convenient. In fact it is more convenient to pay through us rather than Wallets. You first have to transfer money to a Wallet and then pay.
In our case you can pay at the click of a button:

Bills: Mobile, Electricity, DTH, Gas, Landline
Travel: Cabs, Bus, Train, Air
Entertainment: Movies and Dining
Shopping: Groceries, Apparel, Electronics, Home Appliances, etc.
All banking transactions: Pay salaries to employees, apply for loans, buy and sell shares, business transactions through ENet, Trade on Net and Mobile for trade transactions, SME portal for small and medium enterprises
Virtual relationship management available 24×7 over phone and through your mobile banking app.
Over and above all these, you can do all your banking transactions from the convenience of your own home. To do this follow three simple steps:
Step 1: Download our Mobile Banking app from Apple Store or Google Play Store or Windows App Store.
Step 2: Get started immediately by logging in with your Customer ID and Password known to you/ given to you by the bank. You could also set a quick access PIN on your own very easily.
Step 3: Get the power of the bank in your hands from quick links to all our apps- PayZapp, HDFC securities, Chillr, AutoPedia, InvestTrack and deals and discounts through SmartBuy.
Through over 125 transactions on the MobileBanking app and various other apps, you get access to world-class services, deals and discounts.
Please help us and help yourselves because you will not only get convenience (recognizing that going from one place to another in any city of any size involves pain and time), but also get some of the best prices for items purchased by you from the convenience of your home. Moreover if you use our card you will also get points which you can redeem for air tickets and other rewards of your choice.
Over and above all this, you are 100% safe and secure as our apps and digital products are designed with the most stringent security protocols using the latest security tools, so you can use them without worrying.
So here’s HDFC Bank bringing you convenience, at a competitive price, backed by robust processes, integrity and care for the customer.
I would like to conclude by saying that we must recognize the direction in which banking and payments is moving and it is in your interest, as well as, of all institutions and the country, to actively use ‘Digital’ services. If you’d like to know more about going Digital or for any queries/feedback please email us at GoDigital@hdfcbank.com. Let us hope we are able to make your life simpler.
Warm regards,

Aditya Puri
Managing Director

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