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.
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