Starting with a predominant share of corporate banking business, IDFC Bank received a universal banking licence from the Reserve Bank of India (RBI) in July 2015 and started operating from October 1, 2015. Being a start-up in itself, the Bank expects its initiative, ‘Bharat banking’, a rural banking unit, to become a Rs 15,000 crore business in five years. In a bid to instil entrepreneurial qualities among the youth, the Bank has started various programs for start-ups. Entrepreneur caught up with the founder and CEO of IDFC Bank, Dr. Rajiv Lall, to know more about their initiatives to promote the start-up culture in India.
How bank is contributing in bridging the gap between Bharat and India?
IDFC Bank is contributing in bridging the gap between Bharat and India by digitizing banking in rural India. The Bank is investing in last mile infrastructure by installing micro ATMs in deeper rural and far flung locations, which have been so far excluded from the formal banking fold. The Bank’s first-of-its-kind micro ATM is introducing users to the concept of ‘assisted digital’. This is making banking not only ubiquitous but is revolutionizing the way people transact.
What is ‘Bank-in-a-Box’?
The micro ATM used in semi-urban and rural India operates like a ‘Bank-in-a-Box’. It consists of a tab, biometric scanner and a thermal printer. It is capable of Account Opening (in 4 minutes, e-KYC, paperless), Account Servicing (deposit, cash withdrawal, balance enquiry, fund transfer, remittances, mini-statement etc) and Acceptance Infrastructure (government payments including pensions, scholarships etc.).
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