Money & Banking

Digital push: Oriental Bank launches mobile wallet ‘Batuaa’

KR Srivats New Delhi | Updated on January 13, 2018 Published on February 19, 2017

obc

Animesh Chauhan, Managing Director and CEO of Oriental Bank

Also offers 2 new cards, MSME schemes

On the occasion of its 75th Foundation Day, Oriental Bank of Commerce (OBC) has come up with several digital offerings including launch of mobile wallet ‘Oriental Batuaa’.

Besides introducing a new version of mobile banking, OBC has also launched two new cards, Animesh Chauhan, Managing Director and CEO, said here on Sunday.

While the Oriental Premium card is a RuPay based Platinum international debit card with airport lounge access, the other card-Oriental Prepaid Card is a RuPay card for individuals and corporates.

Asked if the mobile wallet launch was coming a bit late in the day, especially when other banks have already hit the market with their offerings, Chauhan said OBC wanted to launch its products only after improving awareness among its customers.

“Wallet launch cannot happen without building necessary security features. Wallet launch is also linked to customer awareness with it,” Chauhan told BusinessLine.

MSME schemes

The two MSME schemes that have been launched are ‘Oriental Sanjeevani’ and ‘Oriental Budget Hotels and Restaurants’.

Oriental Sanjeevani is a specialised scheme for doctors for setting up new hospitals and clinics. The other scheme is for individuals, proprietors, companies etc for setting up new hotels, restaurants, lodges, motels etc.

Chauhan said that the bank was eyeing at least 75 per cent of its total transactions to come through ‘non-branch’ channels (alternate channels) by March 2018.

Till end October last year, the alternate channels accounted for 60 per cent. In the three months after demonetisation, this ratio was affected with increased transactions at the branch levels.

“As usage of cash gets replaced by digital and cheques, we are now targeting 75 per cent share through non-branch channels by March 2018,” Chauhan said.

Published on February 19, 2017
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