IndusInd Bank announced the launch of a first-of-its-kind assisted mobile application based facility, that enables the bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours.

The bank mentioned that the officials can now capture and verify information about customers and their businesses in real-time, at the premise of the customer in a convenient and secure manner.

The new feature will help customers to avail a seamless account opening with the bank, without the hassle of arranging physical KYC documents or their firm, the bank said.

The app uses multiple ‘Application Programme Interface’ (APIs) which enables secured validation of KYC documents from authorised government platforms such as the Goods and Service Tax (GST), Ministry of Corporate Affairs (MCA), National Securities Depository Limited (NSDL), Import Export Code (IEC) and Aadhaar.

The facility can be used to open current accounts for all kinds of businesses including proprietorship, partnership as well as private and public limited companies, among others.

Talking about the initiative, Soumitra Sen, Country Head – Consumer Banking, IndusInd Bank said, “IndusInd Bank has always leveraged technology to provide path-breaking banking solutions to its customers. In line with this vision, we introduce the country’s first mobile-based digital facility of opening a current account.

He added, “Customers can enjoy a swift and seamless account opening experience that eliminates the need for undertaking physical authentication of documents, which can be time-consuming. This new proposition is a testament to our commitment towards catering to the financial requirements of self-employed individuals and businesses, thereby contributing to the Government’s vision of providing ‘ease of doing business.”

The launch of the mobile application based facility for opening current accounts comes on the heels of the recent announcement on the expansion of video banking services. The bank intended to integrate a ‘Video KYC’ platform for onboarding savings account and credit card customers.