Mumbai: Fino Payments Bank announced to launch Jan Bachat Khata, an Aadhaar Authentication based digital savings account that brings neo-banking experience to consumers. With 90% of the country’s population having Aadhaar number, the Jan Bachat Khata (JBK) is available to everyone who is comfortable with Aadhaar Authorization based banking on fingertips.
However, the primary segment would be low income household families and beneficiaries of government’s direct benefit transfer (DBT). 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.
Bharat Bhanushali, Head, Products & Technology, Fino Payments Bank said, “AePS, as a safe and convenient platform, is perfectly in sync with our objective of making banking simple and hassle-free. For the millions of people who are not comfortable using Debit Card and PIN, Jan Bachat Khata with Aadhaar Authorization provides new age digital banking experience. With AePS transactions gaining ground, we expect increased acceptance and aim to open around a million Jan Bachat Khata accounts in FY21.”
JBK is in line with Fino’s customer centric innovative offerings. Earlier the bank has introduced Shubh and Bhavishya, subscription-based savings accounts targeted at specific customer segments.