Money & Banking

Fino Payments Bank launches Aadhaar authentication based digital savings account

Our Bureau Mumbai | Updated on August 18, 2020

The account is primarily targeted at low-income households and beneficiaries of government’s direct benefit transfer

Fino Payments Bank on Tuesday announced the launch of an Aadhaar authentication based digital savings account that it said would bring neo-banking experience to consumers.

“With 90 per cent of the country’s population having Aadhaar number, the Jan Bachat Khata (JBK) is available to everyone who is comfortable with Aadhaar authentication based banking on fingertips,” it said in a statement, adding that the primary target segment would be low income household families and beneficiaries of government’s direct benefit transfer.

For this set of customers Aadhaar enabled payment system (AePS) has emerged as the preferred mode of transaction as it is convenient, secure and completely digital, it further noted.

“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,” it further said, adding that at a nominal annual subscription fee customers can also get a zero balance account with no MAB requirement, no debit card, ATM and SMS charges and full rights to access BPay mobile banking app.

Published on August 18, 2020

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