Page 7 - Banking Finance October 2023

BANK UPDATE

default, the representatives from this activities to address the requirements
fintech will visit them, carrying a pack of wholesale banking and high-net- Attention Subscribers
of chocolates for each of them, and worth individuals. Please renew your Subscription of The
remind them of the forthcoming Insurance Times Journal to receive
Rajinder Mirakhur, Chief Executive and
EMIs," said, Ashwini Kumar Tewari, Managing Director, PSB Alliance said copy of the journal uninterruptedly.
managing director in-charge of risk, the company has appointed Veefin So-
compliance and stressed assets at SBI. You can now pay by GPAY, Phonepe,
lutions to deploy and administer a Uni- Paytm, Amazon, ICICI Pay, BHIM UPI
fied Cloud-based Supply Chain Financ-
Jan Dhan A/C holders to ing (SCF) ecosystem in the country. The
soon get flexi RD facility supply chain financing would primarily
Pradhan Mantri Jan Dhan Yojana help small businesses and aims to tap
(PMJDY) account holders may soon get five per cent of the total credit mar-
facility of flexi recurring deposit facil- ket.
ity, a senior Finance Ministry official At present, pure-play supply chain fi-
said. Also, there is a plan to increase nance from banks is only around Rs 1
the coverage of micro insurance trillion, and the alliance over the next
among PMJDY account holders. three to four years seeks to increase it
These are the plans as part of the to at least five per cent of the total
'Road Ahead' for PMJDY, which is set system-wide bank credit. At the cur-
to complete nine years of its existence. rent volume of bank credit, the five per
Highlighting the achievement of finan- cent works out to be around Rs 7.5
cial inclusion initiative, Financial Ser- trillion. The overall bank credit rose
vices Secretary Vivek Joshi said, "Aver- 14.5 per cent year-on-year in the week
age deposit under PMJDY has reached ending July 28, to Rs 148.2 trillion.
over Rs. 4,000. This gives an opportu-
nity to provide instruments such as flexi Axis Bank launches paid
recurring deposit." Further, banks
need to design such new products. savings A/C

Flexi recurring deposit is like any RD in Moving towards subscription-based
term of interest rate. Only, there is no accounts, Axis Bank launched a paid Sashi Publications Easy Payment
need to set aside a fixed sum every savings account where the customer Modes :-
month. will not be charged for many services i) UPI ID: SASHIBOOKS@KOTAK
and will not be required to maintain a
ii) GPAY: 9830171022@okbizaxis
PSB Alliance plans to ex- minimum balance. iii) PAYTM: 9830171022@paytm
pand doorstep banking Customers will be charged Rs 150 per iv) NEFT: Current A/C
month or the discounted Rs 1,650 per
services to 6,800 centres year for what has been christened as 402120110000327 of 'SASHI
PUBLICATIONS PRIVATE
in 2024 'Infinity Savings Account' by the third LIMITED, Bank of India, VVK
largest private sector lender. At
PSB Alliance Ltd, an entity set up by 12 Road Branch., Kolkata, India,
public sector banks, will scale up its present, a majority of the banks insist IFSC Code : BKID0004021
doorstep banking services for retail on a minimum balance for having a v) Credit Card:
customers from the present 100 cen- savings account, and charge holders a www.sashipublications.com
tres to 6,800 centres by June 2024. fee whenever the balance drops below
While it entered the domain of services the threshold. They also charge for For any query please call
for supply-chain financing, the outfit is extending services like SMS alerts, 9073791022/9883398055
also looking at expanding the scope of printing passbooks etc. www.sashipublications.com

BANKING FINANCE | OCTOBER | 2023 | 7