Fino Payments Bank launches Aadhaar authentication based digital savings account

Fino Payments Bank launches Aadhaar authentication based digital savings account

• 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.

Important Points

• 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.
• 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.

What is Aadhaar Based e-KYC?

• eKYC is the electronic version of the KYC which is administered by the Unique Identification Authority Of India (UIDAI).
• Like the normal KYC, the idea of eKYC too is to verify the identity of an individual except that it is done online.
• KYC = Know Your Customer.

********