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RBL Bank offers Contactless Banking Services amidst COVID-19

Posted On: 2020-05-22 13:42:25


Aligned to the 'New Normal' of social distancing and contactless transactions, RBL Bank, goes live with several Contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19.

The Bank is looking at an increased thrust on digital to offer new age facilities to its customers. It introduced a host of interesting digital initiatives to ensure seamless, contactless and convenient banking experience. It provides a range of services on WhatsApp with real-time updates, including information on account balance, credit cards, products and even opening of new digital account. The Bank also launched instant digital bank account opening from anywhere in India, with a completely paperless onboarding, powered by Video KYC. It is also offering a Virtual debit card in its Mobile app enabling contactless transactions without the need for plastic cards.

Surinder Chawla, Head - Retail Liabilities and Wealth Management, RBL Bank said "Adoption of digital channels has grown by 98% during the year. Our digitally acquired savings account grew 4X during the lockdown period and we anticipate it to grow to 10X in the next quarter. We also expect the digital wave to continue as more customers realise the many benefits of banking on-the-go, especially given the need for safety and hygiene protocols in these times. We will continue our investment in technology and analytics to offer an enhanced service experience to our customers and also bring in more new age facilities."

The Bank's recent initiative, its chatbot "RBL cares", has responded to more than 1 million customer queries in a month in the lockdown period. The Bank's 'MoBank' app has been consistently rated above 4.5+ in the playstore, with unique features like Remote Wipe of the app in case of loss of device, biometric login and branch related transactions like submission of 15 G/H and Re-KYC etc.

The Bank has extended a robust and secured infrastructure through its digital channels like Mobile Banking, Internet Banking, Chat Bot and WhatsApp. Some of the additional contactless banking features include Tap & Pay, Scan & Pay, Debit and Credit Card control, booking Deposits, investing in Mutual Funds, getting a loan and payment of taxes.

Shares of RBL Bank Ltd was last trading in BSE at Rs.111.95 as compared to the previous close of Rs. 112.35. The total number of shares traded during the day was 917609 in over 6106 trades.

The stock hit an intraday high of Rs. 115.4 and intraday low of 111.1. The net turnover during the day was Rs. 104243569.


Source: Equity Bulls

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