Home / Industry / Banking /  IDBI Bank launches many digital solutions on its 59th Foundation Day

IDBI Bank has announced the launch of several digital solutions. Among these, is the announcement on the bank’s entry into Open Network Digital Commerce (ONDC) for customers and non-customers engaged in trade. ONDC is an initiative by the government that is expected to help MSME and other retail merchants to become part of a decentralised e-commerce network to conduct their business. The IDBI Bank ONDC Sellers App will enable merchants to on-board onto the ONDC platform.

IDBI Bank has also launched DigiKCC platform for digitization of the Kisan Credit Card (KCC) loan process to make it more convenient for borrowers. As per the press release, the DigiKCC platform has built-in capabilities for scrutiny of loan applications to enable an end-to-end digital experience. The bank is introducing this in Maharashtra and will gradually extended it to other states where digitization of land records is streamlined. The bank has also launched a Warehouse Receipt Processing System or WPS for an integrated digital solution for loans against warehouse receipts. 

In early September, the RBI had announced the launch of pilot projects, developed by the Reserve Bank Innovation Hub, to digitise KCC in select districts of Madhya Pradesh and Tamil Nadu with Union Bank of India and Federal Bank, respectively, as partner banks. This was to result in automation of various processes within banks and integration of their systems with the service providers. Union Bank of India announced digitalization of KCC as part of its digital transformation project, Sambhav in the latter half of September.

Apart from that, IDBI Bank has upgraded its mobile banking app, GO Mobile+ for the benefit of its senior citizen customers. Under this, it has introduced special facilities such as door-step banking under the ‘Naman’ page of the app. For the convenience of its customers, the bank has also launched its cardless ATM for cash withdrawal from nearby shops.

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