SBI extends OTP-based

SBI extends OTP-based ATM withdrawal 24x7

• Extends OTP based ATM withdrawals to 24x7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
• Bank urges customers to register or update their mobile numbers
•  This initiative aims at safeguarding customers from frauds and minimizing unauthorized transactions

With an aim to reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. Now, Bank is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing ₹ 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

C S Setty, MD (Retail & Digital Banking), SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

Equitas Small Finance Bank Limited launches

Equitas Small Finance Bank Limited launches Video KYC Account

 ·       Convert a selfie KYC to a full KYC Account by the Bank
·         Remotely verify and collect documents of the customer
·         Complete the KYC with assistance of Artificial intelligence

Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), becomes one of the leading banks in the country to launch video KYC account.

This is a web application designed to conduct a remote verification process through a video call. The video call has to be triggered from the Relationship Executive’s domain and the recording for the video call will be stored as well. The customer has to submit their Aadhaar and pan details on the video call for bank to verify.

The Bank has revamped its mobile bank app to deliver most of the services over the app itself.  Further work is on to roll in remaining services also over the app.  With this, any person anywhere in the country can open a savings account with Equitas Small Finance Bank, complete the full KYC through video with the Bank employee and start enjoying the benefit of high quality Do It Yourself (DIY) service as well as the better interest rates offered by Equitas on its Savings Account balances. 

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited, said, “Equitas SFB has always provided a better experience for its customers. Today, Equitas SFB is bringing in a new digital banking experience to its customers, the new video KYC account is a step forward towards our vision. This will ensure contact less, no branch visit and hassle free account opening and transactions for customers.”

The Video KYC Process:

·         Customer receives SMS

·         Fills form before VKYC

·         Customer starts or schedules

·         Agent panel is able to see & interact with the customer video & customer’s location.

·         Random questions are asked from the customer to check liveliness of the person

·         Customer’s Aadhaar details are confirmed during the Video call with previously submitted documents while opening the selfe account

·         Wet signature is collected from the user by asking the user to switch the camera from front to rear and signing on a white paper

·         Customers are asked to submit the PAN card through the rear camera. The process can be extended to additional images to be collected if required

·         In real time, text is extracted from the PAN Card.

·         Facial recognition is done on the image captured during the video call with the image as per the document in banking records.

·         Agent/Maker gives a final verdict depending on the individual activities.

·         Customer is also asked for a debit card / cheque book confirmation for issuance request to be taken on the same video call. Communication address is also verified on the video call

·         The checker(s) can access this transaction by logging in their panel which will list all the available transactions.

·         Checker & Reviewer is able to see all the documents including the video recording & captured data in both textual & visual format (also in PDF format)

·         In addition to checker, Concurrent audit of the whole process is completed & application moves forward for the customer.

·         Rejection can be turned into a retry SMS with reason for rejection.

Requirements for Video KYC

·         Aadhaar details and PAN Card

·         Uninterrupted data connectivity

·         Ample light & a clear background

·         Clear view of the customer’s face

·         Smart phone with GPS

·         Compatible browser

·         Pen & White paper for Signature

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.

Bank of Baroda Advocates Digital Banking for

Bank of Baroda Advocates Digital Banking for Safe and Secure Future

Bank of Baroda has on boarded 41 lakh new users on its digital platform during Q4FY20, out of which 34 lakh users were boarded between April-May 2020, a testimony to the wide acceptance and traction of digital banking services. Additionally, 88% of eligible saving bank accounts were opened through TAB banking.

The bank has witnessed a 16% growth in UPI transactions in the fourth quarter of financial year 2019-20 and an 8% growth in mobile banking transactions. As such, Bank of Baroda Mobile app now ranks among the top 3 among large banks. Significantly, the bank has registered a 280% Q-on-Q growth in UPI channel on-boarding of merchants, a 118% jump in Bhim Aadhar and 36% in payment gateway, due to the push of government on digital India and the increasing preference of consumers to shop online.

Bank of Baroda announced its Q4FY20 earnings on June 23. The bank reported a net profit of ₹507 crore for the January-March quarter as against a loss of ₹8,875 crore in the same period last year. The bank, with its well diversified credit portfolio across corporate, MSME, retail, agriculture and others, witnessed a growth across all these businesses in the January-March quarter vis-à-vis the corresponding period in 2019.

The bank is also among the top three PSU banks that are offering MSME loans under Prime Minister Shri Narendra Modi’s Atmanirbhar Bharat economic stimulus package. The bank will continue to focus on providing lending support to the MSME sector and ranks highest in terms of sanction, disbursement under the PSB59 portal.

The bank has a strong domestic presence through 9,482 branches & 13,193 ATMs and cash recyclers supported by self-service channels and a committed workforce of 84,283 employees. The bank’s financial inclusion outreach spans to 51.2 million accounts, with total deposits of ₹18,731 crore and average balance of ₹3,658.

Bank of Baroda's provisions declined 36% on a year-on-year (y-o-y) basis to ₹6,844 crore. Its provisions for bad loans also declined 69% on a y-o-y basis to ₹3,190 crore. The bank's gross bad loan ratio or total bad loans as a percentage of total advances, fell 103 basis points (bps) sequentially to 9.4%. The bank does not expect slippages in FY21 to exceed that of FY20. Currently, 65% of loan book is under moratorium and this ratio is expected to drop to 35% by August.

New cards issuances grew by 65% from Q4FY19 to Q4FY20. As of Q4FY20, the bank continues to be the 10^th largest issuer in terms of incremental monthly Credit Card issuances. Interestingly, Q4FY20 spends grew by more than 100% compared to Q4FY19.

The bank’s efforts towards innovation in digitization, include that of introduction of dedicated start-up branches, with customized banking products specially designed for the start-up ecosystem to target the young entrepreneurs and satisfy their financial needs. Bank of Baroda has connected with over 1500 start-ups successfully and continues to increase this reach.

On the integration front, the bank has successfully migrated all corporate and common NPA accounts into Bank of Baroda. All ATMs from eVijaya Bank and eDena Bank have also been migrated to Bank of Baroda. Constant customer communication ensured that no major customer grievances related to integration was reported.

Baroda DigiNext Cash Management has also seen rapidly increasing market-share. 2,341 customers across CFS, PSU, Government departments and Emerging Corporates used Baroda DigiNext in 2019-20.

Baroda Global Shared Services in GIFT City at Gandhinagar lent support to the bank’s efforts to sustain banking operations during lockdown to ensure business continuity without any adverse impact while taking all required precautions. Uninterrupted digital operations were ensured by maintaining ATM uptime higher than 88%. The bank initiated cross selling of agri products, while Aadhar Enrolment centres at branches was managed through automated platform to provide better services centrally. CKYC remediation for the Bank undertaken, ensured clearing of 10,000 cases on daily basis to address the pendency within aggressive timelines.

Other key highlights of the Q4FY20 earnings were:

·         PCR continues to be high.

·         Slippage ratio fell to 2.97% in FY20 compared to 4.34% in FY19.

·         Global advances increased by 5.95% led by international and domestic retail loans (ex-portfolio purchase) which grew by 21.4% and 16.05% respectively.

·         Within retail, home loans (ex-portfolio purchase) and auto loans increased by 11.48% and 41.24% respectively.

·         Domestic cost of deposits in Mar’20 is lower by 33bps y-o-y at 5.20% on the back of higher domestic CASA ratio at 39.1%.

·         Capital Adequacy Ratio of the Bank stood at 13.30% and CET-1 at 9.44 % as on March 31, 2020.

RED FM changes the stationality to 93.Dry Red FM

RED FM changes the stationality to 93.Dry Red FM as part of its
“Paani Yaad Dila Denge’ campaign

RED FM, one of the largest and most awarded private radio networks in India, launched its last leg of ‘Paani Yaad Dila Denge’ campaign which focuses on informing people about RO water harvesting. Supporting the cause, RED FM had changed their stationality for a day on 30^th December to ‘93.Dry RED FM’. With an aim to make listeners aware about the ground-level water, RED FM placed a daily reminder during their morning show.

Sensitizing the topic of water scarcity in Delhi, RED FM has been working on different aspects of this campaign for the past six months. Reports suggest that RO purifiers are essential in every urban household. However, the amount of wastewater from RO purifiers exceeds the amount of water that is purified by around three times. Additionally, due to the high content of Total Dissolved Solids, this water becomes unsuitable for drinking and is not recommended for bathing either. Nevertheless, there is a variety of areas in which one can make use of this water, such as, watering plants, cleaning floor, car/bike wash etc. The last leg of ‘Paani Yaad Dila Denge’ highlights this crucial piece of knowledge with a message ‘Hum badal rahe hain taaki aap bhi badlo aur paani save karna shuru karo.’

   

Commenting on the initiative, Nisha Narayanan, COO & Director, RED FM and Magic FM said, “India is in the grip of an unprecedented water crisis with majority of Delhi NCR areas reeling under drought-like conditions. Our initiative 'Pani Yaad Diladenge' aimed to spread the message across to all our listeners. Now, as we enter the last phase of this campaign, we intend to create awareness about RO water harvesting as well. We are confident that this initiative will mark the beginning of a safe and sustainable approach towards water conservation."

From listeners posting selfies with the hashtag #MugShots at Pi-Lo water ATMs to collaborating with the Delhi Government to fix water leakages, Delhiites enthusiastically participated in the campaign ‘Paani Yaad Dila Denge’. In addition to that, RJ Raunac also conversed with Mr. Arvind Kejriwal on the grave issue of water scarcity, who then extended his support to this campaign.

Watch the video: https://www.youtube.com/watch?v=V9RRAr6Lcyg