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HDFC Bank, CSC introduce overdraft facility for small retailers

HDFC Bank has introduced 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 3 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 1 million. No collateral security, business financials and income tax returns would be required to apply for this facility. Retailers, shopkeepers and village level entrepreneurs are eligible for this facility. The bank has simplified the process by minimizing paperwork and time required to avail of the scheme. Smita Bhagat, Country Head – Government and Institutional Business, HDFC Bank, said the bank together with CSC has launched this initiative to sustain small retailers, to help motivate them and create better business opportunities. Dinesh Tyagi, Managing Director, CSC SPV, said the Dukandar Overdraft is a practical offering, especially during these difficult and uncertain times for small shopkeepers and businesses and VLEs alike. This will help them tide through difficulties and bounce back as the country recovers from the economic impact of covid, he added.

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