Hindustan Zinc and India Post Payments Bank Collaborate for CSR Beneficiaries’ Financial Inclusion

Transformative Alliance to Empower Rural Rajasthan

In a significant move to revolutionize the financial landscape of rural Rajasthan, Hindustan Zinc Limited (HZL) and India Post Payments Bank (IPPB) have entered into a Memorandum of Understanding (MoU) to offer financial inclusion services to CSR beneficiaries. This groundbreaking alliance aims to create a substantial impact on the lives of community beneficiaries in the areas where Hindustan Zinc operates​​​​​​.

Hindustan Zinc: A Leader in Sustainable Practices

Hindustan Zinc, part of the Vedanta Group, is the world’s second-largest integrated Zinc producer and the fifth-largest Silver producer. The company leads about 80% of India’s growing Zinc market and is known for its sustainable and responsible mining practices. In 2023, it was ranked highest in the S&P Global Corporate Sustainability Assessment among Metals & Mining companies. Hindustan Zinc is also recognized for its significant contribution to community development, impacting 1.7 million people across Rajasthan and Uttarakhand​​.

India Post Payments Bank: Expanding Access to Financial Services

India Post Payments Bank, established under the Department of Posts with 100% government equity, launched in 2018 with the vision to be the most accessible, affordable, and trusted bank for the common man in India. With a vast network of post offices and a focus on digital banking, IPPB aims to remove barriers for the unbanked and underbanked, reaching the last mile of India’s rural landscape​​​​.

The Essence of the Collaboration

The collaboration between HZL and IPPB is not just a financial alliance but a step towards economic resilience and empowerment of rural communities. The MoU was signed in the presence of Shri Gursharan Rai Bansal, Chief Sales & Marketing Officer of IPPB, and Shri Arun Misra, CEO of Hindustan Zinc. Both leaders emphasized the commitment to drive positive change and financial empowerment in rural areas​​​​​​.

Impacting Lives: 3.5 Lakh+ Beneficiaries

This partnership is set to benefit over 3.5 lakh beneficiaries, including Self-Help Group (SHG) women, farmers, and youth. The key services provided by IPPB will aid in opening bank accounts, accessing pension products, long-term savings, and investment schemes. It will also empower these beneficiaries to become Individual Business Correspondents for various IPPB services, further promoting government social welfare schemes and assisting in availing income-generating loans through IPPB’s lending partners​​​​​​.

Conclusion: A Step Towards Financial Inclusion and Sustainable Development

This collaboration between Hindustan Zinc and India Post Payments Bank marks a significant milestone in the journey towards financial inclusion and sustainable development in rural India. It exemplifies the commitment of both organizations to their social responsibilities and the betterment of the communities they serve.