India’s Fincare Debuts Two Digital Banking Units
India’s Fincare Small Finance Bank has launched two digital banking units (DBUs) as part of a larger push in the country toward digital banking.
According to a report by IBS Intelligence Thursday (Aug. 18), the DBUs offer video and digital banking services as well as video conferencing, which can be used to conduct know your customer (KYC) checks or resolve account-related complaints. The units also offer 24-hour cash deposits and withdrawals.
“Fincare Bank has always been at the forefront of using innovative technologies to simply the lives of customers, with the launch of digital banking units our endeavor is to further the progress of digital banking in the country,” said Rajeev Yadav, Fincare’s CEO, managing director and chief operating officer.
The bank bills itself as having a “digital-first DNA,” offering mobile and internet banking services alongside banking services through WhatsApp. The report said Fincare’s launch was part of a broader inauguration of 75 digital banking units across India this week by Prime Minister Narendra Modi.
The launch came at the same time that the Reserve Bank of India (RBI) said it was seeking feedback from merchants and consumers on changes to the country’s payment system. The central bank released a discussion paper Wednesday (Aug. 17), asking for feedback by Oct. 3.
Read more: India Opens Discussion on Payment Fees
“While there are many intermediaries in the payments transaction chain, consumer complaints are generally about high and non-transparent charges,” the RBI said in a news release. “Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries.”
The RBI said it will use the input to drive the direction of government policies and regulatory intervention strategies. Other additional fees are also being scrutinized, such as those tacked on by booking services.