The launch of the GATI savings account by Fino Payments Bank is a significant step towards making digital banking more accessible. It caters to individuals seeking fast, affordable, and secure financial services. Leveraging its wide merchant network and easy mobile onboarding, Fino aims to empower more people with digital banking solutions.
Background
Fino Payments Bank has introduced the “GATI” savings account, meaning “speed” in various Indian languages. This initiative targets enhancing UPI transactions in rural and semi-urban areas of West Bengal. By offering a zero-balance account with instant transaction capabilities, Fino aims to cater to digitally inclined customers, especially those underserved by traditional banking systems.
Significance
The GATI savings account is crucial in the current landscape of increasing UPI usage in India. With more financial transactions moving online, having an account that supports instant UPI activation is essential. Fino’s goal is to include segments like youth, women, pensioners, and government scheme beneficiaries by simplifying banking processes and promoting financial inclusion at the grassroots level.
Key Objectives
- To offer instant digital banking access to new users.
- To boost the adoption of UPI-based transactions in rural and underserved regions.
- To provide a cost-effective and convenient banking alternative for customers with basic financial needs.
- To bridge the digital gap by making mobile-based banking accessible to elderly, women, and low-income groups.
Features of the GATI Savings Account
- Instant Account Opening: Through eKYC authentication at Fino’s 40,301 merchant points in West Bengal.
- Affordable Onboarding: One-time account opening fee of Rs 100 with a quarterly maintenance charge of Rs 50 (no annual fees).
- Zero Balance Account: No mandatory minimum balance required.
- Immediate UPI Readiness: Receive an auto-generated UPI ID via the FinoPay mobile app.
- Accessibility: Specifically designed for users aged 18+, 12th pass, employed, or self-employed with a smartphone.
- Additional Services: Access to insurance, digital gold purchase, and referral-based loans through the app.
Strategic Intent
Fino aims to transition customers from “phygital” to fully digital by ensuring they are transaction-ready at the time of account opening. This move is in line with Fino’s vision to digitally empower rural populations, including senior citizens, who are increasingly adopting smartphone technology.
Key Takeaways for Competitive Exams
- Understanding the importance of digital banking in financial inclusion.
- Recognizing the significance of UPI transactions in modern banking.
- Appreciating the efforts to bridge the digital divide for underserved populations.
- Acknowledging the role of mobile technology in empowering diverse customer segments.
