Page 23 - Banking Finance April 2025

PRESS RELEASE

Bank of Baroda launches the Baroda mDigiNext Mobile App

transforming Cash Management Services for Corporate Clients

Bank of Baroda (Bank) announced the launch of the Baroda mDigiNext
mobile app, a dedicated cash management services app for the Bank’s
corporate customers using Baroda Cash Management Services (BCMS). This
makes Bank of Baroda amongst the few banks in India to introduce an app
exclusively to service corporates’ cash management needs. Offering a range
of critical payment functionalities, the Baroda mDigiNext mobile app aims
to transform how businesses manage their working capital and cash flows,
bringing in greater efficiencies and facilitating faster execution and ease of
operations.
The state-of-the-art Baroda mDigiNext mobile app is designed to streamline
cash management operations and workflows for corporates. It provides customers with on-the-go 24x7 access to essential
and advanced financial tools empowering corporates to make swift and informed financial decisions anytime, anywhere.

Commenting on the launch, Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “With the launch of
the Baroda mDigiNext mobile app for corporate customers, we are setting a new experience for corporate clients in
cash management and banking services. The app combines a user-friendly interface, advanced tools and capabilities,
coupled with seamless execution, delivering rich insights to our customers that will help them stay agile in a competitive
business landscape”.
Shri Lalit Tyagi, Executive Director, Bank of Baroda said, “The launch of the Baroda mDigiNext mobile app marks a significant
milestone in the evolution of cash management services, reaffirming our commitment to delivering innovative, future-
ready digital solutions. As a trusted banking partner for corporate customers in India, this app will further enhance
convenience, efficiency, and control over cash flow management for our corporate clients.”

Government of India’s Senior Citizens’ Savings Scheme is Now Offered

at HDFC Bank
HDFC Bank announced that it will now accept deposits under the Senior Citizens’ Savings Scheme (SCSS), a savings
instrument run by the Government of India for the elderly. HDFC Bank will act as an agency bank for the Government of
India and help source scheme deposits, while providing seamless service to customers. All eligible customers can apply
for SCSS by visiting any branch of the Bank.
Customers eligible for this scheme include individuals at or above the age of 60 and people who have superannuated at/
above the age of 55 years. Further, retired personnel of Defence Services are also eligible to apply for the scheme on
attaining the age of 50 years. Investment in SCSS* is eligible for benefits under Section 80C of the Income-Tax Act. The
scheme offers a quarterly interest payout with a five-year lock-in period. It is extendable by three years, multiple times.
In addition, the rate of interest offered under SCSS is notified by the Government from time to time.
Mr. Parag Rao, Country Head – Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank said, “As one
of the leading agency banks, we are pleased to offer yet another scheme under the umbrella of the Government of
India’s flagship National Small Savings Schemes programme. The SCSS helps the elderly citizens of the country to cultivate
a steady income stream basis an attractive interest rate offered under the plan. Being eligible for consideration under
Section 80C for income tax computation is an added benefit of the scheme.”
SCSS complements the Bank’s existing government-backed offerings like the Public Provident Fund and the Sukanya
Samriddhi Account Scheme.In FY24, tax collections across the country by HDFC Bank crossed Rs 10 lakh crore, making it
rank among the top three agency banks for the Government, according to data reported by the Press Information Bureau
and the Controller General of Accounts, Government of India.

BANKING FINANCE | APRIL | 2025 | 21