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Axis Bank, India’s third largest private bank, launched the Aadhaar based eKYC mode of account opening service aimed at financial inclusion customers (NREGS beneficiaries & Pensioners) in Adilabad district of Andhra Pradesh.
With the launch of this service, Axis Bank has become the first bank in India to offer paperless account opening services through MicroATMs, the bank said.
The bank said that customers can approach the bank’s Business Correspondents, who in turn will access MicroATM - a biometric handheld device, to open Aadhaar based account through eKYC. Upon successful biometric authentication on MicroATM, customers will be provided their bank account number instantly through the transaction slip.
The account will get activated within 24 hours in the bank’s CBS and the customer is ready to receive Government’s Direct Benefit Transfer (DBT) payments through Aadhaar Payments Bridge System (APBS) and withdraw entitlements through Aadhaar Enabled Payment System (AEPS). The MicroATM service can be used for both enrolments and disbursements.
Rajiv Anand, President, Retail Banking, Axis Bank, said, “The eKYC exercise is currently targeted to cover 1 lakh eKYC accounts in Adilabad district over the next 2 months for NREGS and Pension customers to avail government benefits. We shall be covering the remaining districts of Andhra Pradesh followed by rest of the states in a phased manner for Aadhaar eKYC based account opening.”
The service will reduce the turnaround time of opening an account from 7 – 10 days to 1 day and provide an easy, convenient and seamless on-boarding experience to customers. For the same, Axis Bank has tied up with National Payments Corporation of India (NPCI) and Unique Identification Authority of India (UIDAI).
“A large section of rural India, which is close to 40 per cent, still remains unbanked. This is mainly because of lack of any form of formal identity and address proof documents. This is now being addressed through account opening in a completely paperless manner which makes for a great customer on-boarding experience. Nearly 55 crore Aadhaar numbers have so far been issued across the country and account opening through the eKYC route can be a game changer going forward,” Anand added.
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