Digital banking News

A zero-balance account is a type of savings account that doesn’t require you to maintain a minimum balance. 

Customers will be able to open accounts, cash withdrawal and deposit, KYC updation, loans and complaint registrations. Scheduled commercial banks having experience in digital banking are allowed to open DBUs in Tier 1 to Tier 6 centres.

Government think-tank Niti Aayog proposed setting up of full-stack 'digital banks', which would principally rely on the internet and other proximate channels to offer their services and not physical branches, to mitigate the financial deepening challenges being faced in the country

Puducherry Lt Governor Kiran Bedi has said that the territorial government's order to all departments to adopt digital transactions is a proof of its resolve to reduce corruption.

NITI Aayog vice-chairman Arvind Panagariya will head the panel.

Finance Minister Arun Jaitley on Thursday asked banks to promote digital banking in "mission mode", saying the principal objective of the government's reform is to curtail the use of physical currency.

Banks in India can reduce costs by up to 50 percent per transaction in the next few years by redesigning their processes and systems for the digital age, structurally changing their cost base and instituting more aggressive cost management processes, says a report.

This will allow customers to instantly transfer funds to any account from the branch. The limit has been set at up to Rs 2 lakh per day.

"The entire SBI branch network is undergoing a transformation. There will be changes in the branch location as well as depending on where the habitation is moving.

"PayZapp, a payment solution, will revolutionise the way payments and purchases are done on the go today using mobile devices.

This is a part of the digital initiative for the bank, under which it had last year launched the 'Green PIN' scheme wherein card-users were given the PIN numbers electronically rather than in a printed kit, the official said.