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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.

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