IndusInd Bank launches India's first app for opening paperless account

IndusInd Bank launches India's first app for opening paperless account

Agency News

Mumbai, Jun 5 : IndusInd Bank has launched a first-of-its-kind assisted mobile application-based facility, which enables the bank to open current accounts for businesses and self-employed individuals digitally, within a few hours.

Equipped with the Bank's state-of-the-art 'Indus Corporate' mobile app, bank officials can now verify information about customers and their businesses in real-time, at the premise of the customer in a convenient and secure manner.

Through this, the customers can now experience a faster and seamless account opening process with the bank, without the hassle of arranging physical KYC documents regarding themselves or of their firm. The app uses multiple 'Application Programme Interface' (APIs), which enables secured validation of KYC documents from authorised government platforms such as the Goods and Service Tax (GST), Ministry of Corporate Affairs (MCA), National Securities Depository Limited (NSDL), Import Export Code (IEC) and Aadhaar.

The facility can be used to open current accounts for all kinds of businesses, including proprietorship, partnership as well as private and public limited companies, among others. Explaining the new initiative, Country Head of Consumer Banking at IndusInd Bank Soumitra Sen said that IndusInd has always strove to use technology for enhancing 'ease of doing business'.

''IndusInd Bank has always leveraged technology to provide path breaking banking solutions to its customers. ''In line with this vision, we are delighted to introduce the country’s first mobile based digital facility of opening a current account. With this, customers can enjoy a swift and seamless account opening experience that eliminates the need for undertaking physical authentication of documents, which can be time consuming.

''This new proposition is a testament to our commitment towards catering to the financial requirements of self-employed individuals and businesses, thereby contributing to the Government's vision of providing 'ease of doing business.' ''Under this new facility, customers are given the privilege of choosing an account number of their choice, which they can easily remember,'' she added. Also, the details of the digitally validated documents of the said entity and the authorised signatories will be fetched directly from government databases using APIs. While the account number is provided to the customer at the time of the account opening procedure itself, the account is made operational within 24 hours.

''The launch of the mobile application based facility for opening current accounts comes close on the heels of our recent announcement on the expansion of our video banking services, with the integration of a 'Video KYC' platform for on boarding savings account and credit card customers,'' Ms Sen said. (UNI)