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Mumbai, Jun 12 () The State Bank of India (SBI) on Friday relaunched its Aadhaar-based instant digital savings account facility for customers who want to open an online account using the Yono platform. Yono is the lender's integrated banking and lifestyle platform. The 'insta savings bank account' will offer a complete paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank said in a release. "This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch," SBI chairman Rajnish Kumar said. The bank will issue basic personalised RuPay ATM-cum-debit card to all the new account holders of insta saving bank accounts. To open account, customers need to download the Yono app, enter their PAN and Aadhaar details, submit one-time password, and fill other relevant details, the release said. Nomination facility is also available for account holders along with SMS alerts and SBI's missed call service. Once the process is completed, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC (Know Your Customer) account by visiting their nearest SBI branch within one year's time. HV RVK

SBI relaunches Aadhaar-based online savings account opening facility

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), which is India’s largest bank, is aiming to tap a majority of <keyword id="3505505" type="UNKNOWN" weightage="100" keywordseo="unbanked-rural-India">unbanked rural India</keyword> for its business correspondent model. The move has come at a time when the Indian government is laying stress on financial inclusion and the country is waiting for payments banks to start operations by yearend. 
 
Also read: <a href="http://www.businessinsider.in/SBI-Chairman-blames-stalled-projects-for-Indian-banking-sector-stress/articleshow/53080413.cms">Stalled projects from 2011 to 13 have put Indian banking sector into stress, says SBI Chairman</a> 
 
As per <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-plans-fresh-outreach-to-unbanked-rural-india/articleshow/53310349.cms">ET </a>reports, SBI has asked its business correspondents to take their customer service points to remote parts of rural India, so that more and more people can be brought to the bank. 
 
"Business correspondents are an important channel for us for financial inclusion. Whatever we have done through PMJDY (Pradhan Mantri Jan-Dhan Yojana) would not have been possible without a CSP (customer service points) channel. We are putting in all efforts to make this channel stronger and give them all forms of supports that they require," said Rajnish Kumar, MD, National Banking Group at <a href="http://www.businessinsider.in/SBI-defends-funding-cluster-bomb-maker/articleshow/52880559.cms">State Bank of India</a>. 
 
Also read: <a href="http://www.businessinsider.in/Govt-infuses-Rs-22915-crore-in-public-sector-banks/articleshow/53282345.cms">Govt infuses Rs 22,915 crore capital in public sector banks</a> 
 
In isolated areas where even the traditional branch-based banking is not available feasible, the state-run <a href="http://www.businessinsider.in/SBI-vs-Vijay-Mallya/articleshow/53046523.cms">lender </a>has tied up with Indian Oil Corporation so that its Kisan Seva Kendras can be converted into business correspondent outlets. 
 
Also read: <a href="http://www.businessinsider.in/bank-employees-strike-on-29th-July/articleshow/53192346.cms">10 Lakh bank employees to go on strike on 29th July, protesting against unfriendly reforms</a> 
 
Operating these business correspondent centres in remote areas has become all the way easier after Aadhaar integration, using which customer identity can be easily and efficiently determined. 
 
<a href="http://csc.amtron.in/csc-photo/uidai1.jpg">Image source</a>

Unbanked rural India is next on the SBI radar

<ul><li>The RBI allowed banks to integrate <keyword id="7392422" type="UNKNOWN" weightage="20" keywordseo="Video-KYC">video KYC</keyword> in the account opening process in January 2020.</li><li>Kotak Mahindra Bank has now introduced video KYC for customers opening new Kotak 811 savings accounts.</li><li>Other major banks are working on video KYC and are expected to launch the facility soon.</li></ul>In January 2020, India’s central bank the Reserve Bank of India amended the Know Your Customer (KYC) norms, allowing banks to use video calling to complete the KYC process for new customers. Now, amid the coronavirus pandemic, Kotak Mahindra Bank has announced that customers can open a full-fledged Kotak 811 savings account, becoming the first bank in the country to introduce video KYC in the account opening process. This will allow customers to open a bank account and finish the KYC process from the safety of their home. As per <a href="https://www.moneycontrol.com/news/business/online-kyc-is-here-no-need-to-visit-a-branch-to-open-a-bank-account-5287881.html">reports</a>, other major banks are also working on launching their video KYC platforms. Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “In the new normal world that we must now adapt to in the aftermath of COVID-19, Kotak’s emphasis on digital-first initiatives takes on even more meaning. In this context, Video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.” How to open Kotak 811 savings account with video KYC Here’s what you need to open a Kotak 811 savings account <ul><li>Aadhaar number</li><li>PAN card</li><li>A paper and pen to upload your signature</li><li>A proper background with good lighting</li><li>Clear view of the customer’s face</li></ul>Once you have all the required things, follow the below steps - <div type="image" title="Kotak 811 savings account" msid="75990982" hostid="261" caption="&amp;lt;p&amp;gt;Kotak 811 video KYC application&amp;lt;/p&amp;gt;"></div> <ul><li>To begin, go to Kotak Mahindra Bank’s <a>website</a>.</li><li>Now, click on ‘Apply Now’.</li><li>Enter your name, mobile number and email ID.</li><li>Provide the bank consent to use Aadhar to open your account.</li><li>Now, enter your Aadhaar number, PAN and communication address.</li><li>Now, allow access to your phone’s location to begin the video KYC.</li><li>The bank executive will begin the video KYC.</li><li>Once your video KYC is completed, a Kotak 811 savings account will be opened.</li></ul>Note: Video KYC on Kotak is available from 10 am to 6 pm, Monday to Saturday. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/here-is-a-list-of-bank-atms-that-allow-you-to-recharge-your-jio-airtel-and-vodafone-numbers/articleshow/75006459.cms">Here is a list of bank ATMs that allow you to recharge your Jio, Airtel, and Vodafone numbers</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-apply-for-emergency-loan-from-sbi/articleshow/75441666.cms">How to apply for emergency loan from SBI</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-schedule-whatsapp-messages/articleshow/75839535.cms">How to schedule WhatsApp messages</a>

How to open a bank savings account using video KYC

The Government of India has mandated <keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> for all the vehicles operating on the Indian roads with effect from December 1, 2019. FASTag is the electronic toll collection system innovated by the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>). A note posted by NPCI on its website observes, "FASTag offers the convenience of cashless payment along with benefits like - savings on fuel and time as the customer does not have to stop at the toll plaza." Talking about FASTag, Nitin Gadkari, Union Minister for Road Transport and Highways said that FASTag is being viewed as the 'Aadhaar' for all vehicles operating in the nation. He also added that the existing infrastructure can support more than six million tags which will be able to carry out about 10 lakh transactions per day. Why the government wants to move to FASTag system? FASTag is yet another move towards increasing the volume of digital transactions and reducing the handling of paper money. FASTag will rule out the need for long queues and wastage of time while the vehicles need not have to wait for making cash transactions at the toll plazas. Shortening the queues and waiting time will also mean lessening the air pollution. FASTag is also a way of easy vehicle identification system the system will give a unique identification number to every vehicle for its lifetime. What the government is doing about FASTag? For testing purposes, FASTag system was launched in 2014 and it has been steadily expanding since then to cover more vehicles. However, the government has recently notified that from December 1, 2019, all the National Highways in India will collect toll payments through FASTag technology only. FASTag is based on Radio Frequency Identification (RFID) Technology. The toll collection booths across the country are now fast equipping themselves with electronic toll collection infrastructure (ETC) for supporting the vehicles equipped with FASTag. The government has also partnered with 23 banks in the country to issue FASTag to the vehicles running on Indian roads including State Bank of India (SBI), ICICI Bank, HDFC Bank, and Axis Bank. NHAI has also partnered with Amazon and PayTM to distribute the FASTags quickly to as many vehicles as possible. How does the FASTag system work? Based on the Radio Frequency Identification Technology (RFID), the system will facilitate the toll plazas collect the toll payment through digital means while the vehicle is in motion through the dedicated lanes that are specially equipped with the necessary supporting infrastructure. The toll charges will be debited directly from the prepaid or savings account of the vehicle owner. The vehicles need to affix the FASTag RFID tag onto their windscreen. The toll payments will be automatically initiated when the vehicle passes through the NETC supported toll plaza. The government has also provided the option of integrating the existing savings or current bank account with FASTag for the purpose of facilitating seamless payments on toll plazas.

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SBI relaunches Aadhaar-based online savings account opening facility

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Unbanked rural India is next on the SBI radar

BI India Bureau

How to open a bank savings account using video KYC

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Why FASTag Is mandatory from december 1 for all vehicles and what govt wants to do

BI India Bureau

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