Delhi February 20 (Punjab Khabarnama Bureau): Banking is one of the most essential services today, and the government has taken significant steps to connect more people with it. However, there are still many individuals who do not have a bank account. One of the major reasons for this is that the paperwork required to open an account can be challenging for less-educated people. But now, this bank has eliminated the hassle of paperwork. Let’s find out the full details:
With the increasing use of the internet, many tasks have become easier. Previously, banking-related work often required multiple visits to the bank, but now, most of these tasks can be done through a mobile phone. Advancements in banking technology have made opening an account simpler. Several banks in the country now offer the convenience of opening an account from home.
In this regard, Indian Overseas Bank (IOB), a public sector bank, has introduced Aadhaar-OTP-based account opening and Application Programming Interface (API) banking services on the occasion of its 89th Foundation Day celebration. A senior official provided this information on Tuesday.
This initiative has been designed to provide seamless banking services to both individual and corporate customers. The Chennai-headquartered bank has launched the Aadhaar-OTP-based account opening facility, allowing customers to easily open savings accounts through the bank’s website.
No More Paperwork…
The bank stated that this digital process complies with the Reserve Bank of India’s (RBI) Aadhaar OTP-based e-KYC (Know Your Customer) guidelines, ensuring a secure and hassle-free experience. With minimal documentation, customers can quickly open an account and conduct transactions subject to regulatory limits.
Newly Introduced API Banking Services…
To meet the growing need for automation in corporate banking, Indian Overseas Bank has introduced API banking services. Under this service, corporate customers can conduct transactions and intra-bank transfers directly from their accounting system in real-time.
Summary: A bank has launched a new initiative allowing customers to open accounts using just Aadhaar OTP verification, eliminating the need for paperwork.