Fino Payments Bank Launches Aadhaar Auth Based Digital Savings Account

KOCHI:
Fino Payments Bank today announced that it has launched Jan Bachat Khata, an Aadhaar Authentication based digital savings account that brings neo-banking experience to consumers.

With 90% of the country’s population having Aadhaar number, the Jan Bachat Khata (JBK) is available to everyone who is comfortable with AadhaarAuth based banking on fingertips. However, the primary segment would be low income household families and beneficiaries of government’s direct benefit transfer (DBT). For this set of customers Aadhaar enabled payment system (AePS) has emerged as the preferred mode of transactions it is convenient, secure and completely digital.

JBK was launched on 15 th August 2020 to commemorate India’s Independence Day driving customers towards financial independence and freedom of choice.The core insight behind JBK was making it very natural to carry the bank, everywhere– all that is needed is the thumb or finger print for authentication! Banking on fingertips – literally!

Terming JBK as freedom from dependency on debit card, Bharat Bhanushali, Head Products & Technology, Fino Payments Bank said, “AePS as a safe and convenient platform is perfectly in sync with our objective of making banking simple and hassle-free. For the millions of people who are not comfortable using debit card and PIN, Jan Bachat Khata with Aadhaarauthprovides new age digital banking experience. With AePS transactions gaining ground, we expect increased acceptance and aim to open around a million Jan Bachat Khata accounts in FY21.”

According to NPCI data, AePS transactions in Q1 FY21 crossed 1205 million worth around Rs 53000 crores. This is a growth of 104 per cent in volume and more than 60 per cent in value over Q4 FY20.

“We believe the JBK account, which allows DBT facility, will surely increase usage of banking services among the target segment. The ease and convenience would be of special help to women consumers.”added Bhanushali. The product’s communication campaign which went live on 15 th August stresses on this.

JBK is in line with Fino’s customer centric innovative offerings. Earlier the bank has introduced Shubh and Bhavishya, subscription-based savings accounts targeted at specific customer segments. To open a JBK account all a customer has to do is SMS JBK to 8506978686 and the bankrepresentatives will help complete the process. Customer can open a JBK account only through Aadhaar-based eKYC mode.

JBK eliminates the need for debit card and PIN thereby enhancing customer experience.At a nominal annual subscription fee customers can enjoy a zero balance account with no MAB requirement, no debit card, ATM and SMS charges and full rights to access BPay mobile banking app. Further, customers can transact at a Fino branch or merchant point with finger print and OTP combination, while at non-Fino points they need Aadhaar authentication. They can deposit up to Rs 25000 and avail around ten free transactions in a month, without any charges. Customers can avail of sweep account facility with prior consent if end of the day account balance exceeds Rs lakh.