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In this article, we would discuss about the new products,
services and schemes introduced by banks and their recent tie-ups with other
institutions and entities.
1) Axis Bank
a) Axis Bank
Suvidhaa Prepaid Card: This card was launched in April 2015 in partnership
with Suvidha Infoserve Pvt. Ltd., and can be used to deposit, withdraw and
remit money. Designed for India’s unbanked population, the cards have been made
available at designated Suvidhaa outlets only and are valid for five years.
b) Fixed
Deposit Plus: Axis Bank became the first private bank to launch differential
interest rate on fixed deposits (FD) after the RBI, in April 2015, permitted
banks to offer differential interest rates based on ‘callability’ i.e. whether
the term deposits are with or without premature withdrawal facility. Launched
in June 2015, Fixed Deposit Plus offers 8.3% rate of interest, which is 10
basis points (bps) higher vis-à-vis the bank’s regular FD rate, which is 8.2%. These
will be non-callable deposits (wherein premature withdrawal is not allowed). Interested
retail and corporate customers need to invest a minimum of Rs.15 lakh at a go. It
has a minimum lock-in period of one year, but can be continued for a maximum
period of less than two years.
c) Secure+
Debit Card: Axis Bank launched Secure+ debit card in June with
features that allow customers to modify limits and switch off card usage when
not required and switch it on before a transaction. This ‘total control’
feature is made available with an EMV chip. With a single phone call customers
can block lost/stolen credit/debit cards of any and every bank.
d) Multi-currency
Forex Card: In August 2015, Axis
Bank became the first bank to introduce multi-currency contactless cards or
‘tap and pay’ cards, which can be loaded in 15 currencies including Swiss Franc
and Hong Kong dollar besides the three main currencies – US dollar, Euro and
British Pound. The card uses near-field communication (NFC) technology enabling
holders of the ‘contactless card’ to make payments by waving or tapping the
card near the card reader.
2) DCB Bank
a) DCB ties-up with BITS Pilani: DCB Bank
tied-up with premier educational institution BITS Pilani to aid start-ups
across India by providing funding and mentoring. In an annual event titled
Conquest, start-ups will be invited and evaluated on their fundamental idea,
business plan, besides being mentored on how to pitch and liaise with potential
investors. Mentors include DCB Bank’s Murali Natrajan, Managing Director and
CEO, J.K. Vishwanath, Chief Credit Officer, among others.
3) ICICI Bank
a) ICICI
Bank ties up with Emirates NBD: India’s largest private sector lender ICICI
bank tied- up with leading UAE-based bank Emirates NBD in April 2015, to offer
instant remitting service to Indians residing in the Gulf nation. The tie up
will enable customers to transfer funds to ICICI account-holders in India within
a minute through the DirectRemit service.
b) Tap n
Pay: In April, ICICI Bank partnered with Tech Mahindra to launch
Tap n Pay, a contactless payment service that enables anyone (even non-account
holders) to make cashless payments. As it is based on NFC technology, customers
only have to tap the NFC-enabled tag or mobile phone at a merchant’s
point-of-sale device to make payments.
c) iWear: ICICI
Bank launched iWear, a mobile banking application for Android and Apple smart
watches. This was launched with expectations that transactions on wearable
devices would pick up. While on Android, prepaid mobile recharge can be done,
on Apple devices, there is personal offers, bill payments, recharge and branch
and ATM locator apart from ability to view balance.
d) Voice ‘password’ facility: In May 2015,
the bank launched a service using which customers can carry out phone banking
transactions using only their voice and no other pin or password. The voice
recognition service authenticates customers based on their speech patterns and
voice print that will be stored and matched whenever the customer calls from
the registered mobile number.
4) IndusInd Bank:
a) QuickPay: In July, the bank
launched QuickPay, a service that enables its customers to send money instantly
to their personal contacts and/or business parties through SMS, e-mail and
social media. The beneficiary’s bank account details are not required as the
sender can transfer money and a personalised message through net banking from
the bank’s website by just filling the e-mail ID or mobile number of the
receiver.
5) Karnataka Bank:
a) KBL ApnaApp: This is an Android-based banking
application, which will work on the basis of SMS authentication and hence there
is no need for a Wi-Fi connection (except for downloading the app). Its major
features include balance enquiry, mini statement, funds transfer within bank,
funds transfer by NEFT, IMPS fund transfer, mobile money identifier, mobile/DTH
recharge, among others.
b) KBL m-PassBook: This is an e-passbook
using which a customer can download and view account entries and transaction
details apart besides features like adding personalised remarks, creating
personalised ledger, etc.
c) Online
loan application service for MSMEs: Karnataka Bank launched an online loan
application submission and credit proposal tracking system for MSME customers
who can submit online application for credit, track its status, which would be
intimated through e-mail. This was also launched in July 2015.