Fintechs power Digital Transformation in banking sector

In the cooperative banking ecosystem, District Central Cooperative Banks, or DCCBs, should be focusing on the unbanked areas and on increasing banking penetration, said Pranav Pandya, AGM - IT, Surat District Central Cooperative Bank.

He explained his argument while discussing the topic Powering Digital Transformation with Fintech at a panel discussion at the FCBA 2019 and NCBC 2019, stating in cities there is a need for technology, while in rural areas there is a need for banking.

Pandya said the Surat District Central Cooperative Bank has started Bank on Wheel initiative by having a tie-up with a fintech. It uses 4 mobile vans for the initiative and through this it has opened more than 25,000 savings accounts and Rs160 mn CASA deposits in 345 unbanked villages.

The bank has introduced a missed call facility for financial as well as non-financial activity and a new service by which customers can give a call from their registered mobile number to block or unblock their debit card services.