The trend of Digital Transaction is growing very fast. After the spread of Coronavirus Pandemic, online digital payment has become a necessity. In view of this, now public sector banks (PSBs) are considering setting up a company to further improve digital infrastructure for rapid digital adoption in the banking sector.
- February 22, 2021, 11:13 AM IST
Lenders will partner with several fintech companies and develop software to make doorstep banking and co-lending processes easier. Discussion was also held in a meeting with the secretary of the financial services department about the establishment of the company last week. An inter-committee has also been formed under the Indian Banks Association for this initiative.
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Banks hope that due to the epidemic, many problems were seen in the banking service. Despite this, changes were seen in the Indians’ behavior behavior. Awareness was created among people about digital service. This is the reason why now the bank is insisting on making the facilities of digital transfection easy to the customers. According to a lender, the bank is adopting digital lending platforms and every bank is investing in it. However, the size of the investment is quite large which not all banks can do. If this is done collectively under an anchor bank or PSB alliance, then a platform can be created for loan products delivery and other IT initiatives.Also read – Railtel IPO allotment: how to check your allotment status? This is the easiest way
To meet these challenges, state-run banks collectively plan to appoint RFP flights, offer providers, service providers and technology partners for digital banking services. Explain that bankers are also looking at extending the existing online lending platform PSBLoansIn59 minutes for Digital Banking Infrastructure Corp. Explain that the platform launched in 2018 was for the purpose of digitizing small business loans, home loans and personal loans, so that a borrower gets approval in less than an hour.