Bank of Baroda Rolls out Instant Savings Account

MUMBAI:
In an industry-first move, Bank of Baroda (Bank), one of India’s leading public sector banks, today announced that it has introduced instant digital opening of Savings Accounts for Self Help Groups (SHG) through tablets (bob World – Tabit).

With SHG account opening through bob World – Tabit, the Bank has digitised its SHG on-boarding process, enabling instant account opening and providing a superior and more convenient banking experience to Self Help Groups. This initiative will also facilitate faster credit linkages for SHGs, supporting the Government of India mission [under Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM)] and result in ease of banking.

Key Features of the Instant SHG Savings Account through bob World – Tabit:

Digitisation of the SHG account opening journey for instant account opening and customer onboarding
Integrated service request registration during the account opening journey such as Personalised Cheque Book, SMS Alerts etc.
Enhanced user experience for customers
Built on the Aadhaar ecosystem

Akhil Handa, Chief Digital Officer, Bank of Baroda said, “Bank of Baroda has been consistently working towards providing novel digital offerings to enhance customer experience and facilitate convenient banking facilities. In line with this vision, the launch of the instant SHG Savings Account opening through bob World – Tabit is one more earnest step towards providing easy banking services to SHGs, which shall fuel credit linkages and support the upliftment of rural customers. Going forward, we expect to open around 75% of the total SHG accounts digitally.”