Page 6 - Banking Finance August 2021

BANK UPDATE

declined from 6.42 per cent in Q4 Suryoday Small Finance "Ezeepay team is delighted to launch
FY2020 to 6 per cent in Q1 FY2021, this initiative for the rural population
5.93 per cent in Q2 FY2021 and 5.90 Bank Revises Interest in India. Ezeepay DDS has been
per cent in Q3 FY2021 before rising to Rates On FD launched to provide doorstep and con-
6.06 per cent in Q4 FY2021. Suryoday Small Finance Bank revises its venient banking services to people who
The significant volatility in bond yields fixed deposit interest rates as of June find it challenging to visit a branch,"
also provided banks with ample trad- 21, 2021. Suryoday Bank's FD rate says Shams Tabrej, Founder and CEO at
ing opportunities, the report said. ranges from 3.25 per cent to 6% for Ezeepay.
general customers and 3.25 per cent Fintech startup Ezeepay was launched
Karnataka Bank reports to 6% for senior citizens for deposits in 2018 to push India for financial in-
ranging from 7 days to 10 years after clusion and promote digital transac-
frauds of Rs. 160.35 cr in 2 the most recent adjustment. The bank tions in rural and semi-urban areas.

cases offers the highest rate of interest on Ezeepay provides comprehensive pay-
five-year deposits. The general public ment solutions for businesses that of-
Karnataka Bank Ltd has informed the
and elderly citizens will get 6.25 per fer services such as mobile recharge,
BSE that it has reported to the Reserve cent and 6.50 per cent interest on their DTH recharge, bill payments, cash
Bank of India frauds in the credit facili-
deposits, respectively. withdrawal, AePS, and more.
ties extended to two listed companies.
The total amount of fraud reported in Ezeepay to launch Door- ICICI Bank extends instant
these two credit facilities stood at Rs.
160.35 crore. step Digital Services in ru- 'Cardless EMI' facility
The bank said both these accounts ral area ICICI Bank announced that it has intro-
were classified as NPA (non-performing Ezeepay, India's leading fintech startup duced the instant 'Cardless EMI' facil-
asset), and have been fully provided is set to revolutionize digital services in ity to online purchases made on e-
for. "As such, there is no impact on the Rural India by launching Ezeepay DDS commerce platforms. The facility en-
financials of the bank going forward," (Doorstep Digital Services) all over the hances affordability to millions of the
it said. An outstanding amount of Rs. country. Bank's pre-approved customers, as it
138.41 crore has been treated as allows them to instantly buy products
fraud in the case of Reliance Commer- India is the 7th largest economy glo- or services online through Equated
bally. Over 1.2 billion people, more Monthly Instalments (EMIs) in just a
cial Finance Ltd, and 100 per cent pro-
than 2/3 of the population lives in ru- few clicks by using their mobile phone
vision has been made. The percentage ral villages and small towns and are and PAN. Customers can convert the
of bank's share in the multiple banking
scattered over 600,000 villages and transactions up to Rs. 5 lakh into easy
arrangement was 1.98 per cent. There 640 districts. Ezeepay has emerged as monthly instalments by simply entering
were 22 lenders under multiple bank-
a critical player in the fintech sector in their registered mobile number, PAN
ing arrangement in this case. It said
India. This launch will help Ezeepay and OTP (received on mobile number).
the company was dealing with the
contribute to the Indian government's Speaking on the new facility, Sudipta
bank since 2014.
aim of fostering financial and social Roy, Head- Unsecured Assets, ICICI
In the case of Reliance Home Finance inclusion in rural India. Bank said, "We, at ICICI Bank, believe
Ltd, an outstanding amount of Rs. "Ezeepay DDS (Doorstep Digital Ser- in providing innovative, convenient and
21.94 crore has been treated as fraud, vices) will bring the bank to the door- hassle-free products to our customers.
and 100 per cent provision has been step of people living in villages. With With this thought, we had introduced
made. The percentage of bank's share features including cash deposit, Cash an instant 'Cardless EMI' facility for
in the multiple banking arrangement Withdrawl, Micro ATMs, insurance, Tax retail stores in the last festive season
was 0.39 per cent. There were 24 lend- filing, GST, and Cash collection, DDS will to help our customers to purchase
ers under multiple banking arrange- make banking and digital services ap- products of their choice in a completely
ment in this case. It said the company proachable to those who earlier found contactless, digital and secure manner.
was dealing with the bank since 2015. it challenging to avail these services." Inspired by the encouraging response

6 | 2021 | AUGUST | BANKING FINANCE