Fincare in India launches 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 towards digital banking.
According to a report by IBS Intelligence Thursday, August 18, DBUs offer video and digital banking services as well as video conferencing, which can be used to perform 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 make life easier for customers, with the launch of digital banking units, our goal is to advance digital banking in the country,” said said Rajeev Yadav, CEO of Fincare, Managing Director and Chief Operating Officer.
The bank markets itself as having “digital DNA first”, offering mobile and internet banking alongside WhatsApp banking. The report said Fincare’s launch was part of a wider inauguration of 75 digital banking units across India this week by Prime Minister Narendra Modi.
The launch came as 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 working paper on Wednesday August 17, seeking comment by October 3.
Read more: India opens discussion on payment fees
“While there are many intermediaries in the payment transaction chain, consumer complaints generally relate to high and non-transparent fees,” the RBI said in a press release. “Fees for payment services should be reasonable and competitively determined for users while providing an optimal revenue stream for intermediaries.”
The RBI said it would use the information to guide government policies and regulatory intervention strategies. Other additional fees are also scrutinized, such as those applied by reservation services.