Friday, April 14, 2017

Kerala Gramin Bank – Kerala’s Own Bank unveils ‘DiGi KGB’ Selfie APP

          KGB with 602 branches spread over 14 Kerala districts is slowly spreading the Joy of Safe Banking across Kerala.

          KGB has taken a massive leap into digital banking with the launch of DiGi KGB in the first week of April 2017.

          You can download this App from Playstore. This is first Selfie APP launched by any RRB in India.

          The complete list of Regional Rural Banks can be viewed here

Kerala Gramin Bank (KGB) is a Regional Rural Bank (RRB) formed on 08.07.2013. The bank was formed by amalgamating the two RRBs of Kerala namely South Malabar Gramin Bank and North Malabar Gramin Bank.

The head office of Kerala Gramin Bank is at Malappuram and the sponsor bank is Canara Bank.

Kerala Gramin Bank is the largest Regional Rural Bank in the country with a total business of above Rs. 26,800 Crore and a network of 600 branches spread all over Kerala, serviced by a dedicated team of 3,500 plus staff members.

DiGi KGB is a selfie account opening and m-passbook application that is offered by Kerala Gramin bank. It is a light weight, robust and highly informative app that enables the user to create savings bank account instantly. It also gives complete real time information about all the accounts of the customer.

Kerala Gramin bank is the first Regional Rural Bank in the country to launch a such an app.

The highlights of Digi KGB are:

1) Selfie Account Opening - Instantly open a Savings Bank account by uploading a selfie and images of AADHAAR

2) Mini statements, Balance Enquiry and Passbook of all the accounts, in real time, pertaining to the Customer KGB accounts

3) the ePassbook is locally stored in device, and once downloaded it can retrieved offline at any point of time.

4) Another unique feature is the provision for the account holder to update user remarks against passbook entries. This feature will enable faster reconciliation of the bank enteries and also encourage account holders to transact through DiGi KGB.

5) Customers can locate ATMs or KGB branches through ‘Locate Me’, GPS feature or by manual search option.

6) Standard Interest calculators for Fixed, Cumulative, Recurring Deposits.

7) Loan EMI calculator.

5 Points through which KGB can encourage potential customers  to become KGB customers via DiGi KGB

Point No 01) – Run conversion campaigns at its 600 plus branches

Point No 02) – Enable limited time free WiFi at its 600 plus branches for download of DiGi KGB App and become a KGB customer on the spot.

Point No 03) -  Offer Limited Time sign up bonus for potential customers to download  DiGi KGB App and sigh up for KGB accounts.

Point No 04) – Explore synergies with NPCI BHIM App especially from the rewards angle

Point No 05) – Highlight the DiGi KGB app on its webpage, as the same is still not highlighted on its webpage.

Another interesting App by Kerala Gramin Bank is “Little KGB”

The “Little KGB”, primary target are kids and the main purpose of “Little KGB”, is to inculcate banking and savings habit in children. KGB stands for "Kids Go Banking".

Today's children are more inclined to technology. Hence at Kerala Gramin Bank, Team KGB decided to embrace the medium of smart phone to reach out to children.

The chief character in “Little KGB”, is NOTEY,a naughty boy who becames a coin by the ire of a wizard. During his journey he meets children of different walks of life. He guides them to savings and guides them regarding the different benefits of banking.

Every story ends with some questions about the story. User needs to answer the simple questions to continue to the next story.

Little KGB is available in both Malayalam and English. In the near future, KGB Team along with OrisysIndia team plan to introduce more fun and frolic in the app in the days to come.

Sunday, April 2, 2017

11 Differentiators which Fino Payments Bank can adopt

          Fino Payments Bank has received the final ok from Reserve Bank of India. In the next couple of years, you will be able to see ‘Fino Payments Bank’, signboard.

          The Fino group has a number of key features which can be deployed to scale up volumes quickly.

These “11 Differentiators” will enable Fino Payments Bank to rise above the crowd.

Differentiator 01: Leverage Fino Bpay to attract customers around BPCL Outlets for digital transactions.  In July 2016, Fino Paytech entered into a strategic partnership with domestic oil major Bharat Petroleum Corporation Limited (BPCL), which acquired a 21% stake in Fino for ₹251 crore.
BPCL has 13,450+ fuel stations spread all over India. BPCL has 4,500+ LPG distributors, with 1500 exclusive rural distributors.
In fact, Fino Payments Bank should set up a separate vertical to digitise all transactions at BPCL outlets. This itself will provide the much needed CASA Balances to earn a decent float income.
The main advantages of BPCL Outlets are:
A)   Uninterrupted power supply
B)    Ease of ensuring uninterrupted network connectivity
C)    A safe atmosphere for customers to carry out banking related transactions
D)   Ease of getting premium space with minimal efforts

Differentiator 02:: Integrate Fino Bpay Wallet into BPCL Smart Drive App. BPCL launched its Smart Drive in 2016 with various features to encourage fuel users to search for a BPCL fuel station only.
Differentiator 03::: Quickly sign up merchants in and around BPCL Outlets on Fino Bpay. Open Current Accounts for the merchants and as and when the balances touches INR 1 lacs, initiate an auto transfer to the Merchants main bank account via NEFT/IMPS.
This will significantly reduce the cash usage at such merchants
Quote from Reserve Bank of India’s operating guidelines for Payment Banks
Bank deposits
(i) As provided in the current RBI directions, PBs can accept only savings and current deposits. The aggregate limit per customer shall not exceed INR100,000, as provided in the Licensing Guidelines. However, the RBI will have no objection to the PBs making arrangements with any other scheduled commercial bank / SFB, for amounts in excess of the prescribed limits, to be swept into an account opened for the customer at that bank. This arrangement should be activated with the prior written consent of the customer

Differentiator 04:::: Deploy mobile banking kiosks at local Haats in and around BPCL Rural outlets.

Differentiator 05::::: Tie up with Small Finance Banks for instant overdraft facility to its Fino BPay merchants. The overdraft can commence with a minimal amount and be scaled up based on the merchants cash-flows.

Alternatively, it can offer overdrafts through its  its own RBI registered NBFC-MFI, i.e Intrepid Finance & Leasing Pvt Ltd.

Differentiator 06:::::: Create Wi-Fi Hotspots in all its branches to enable its customers to transact digitally with minimum cost and high safety. Depending on the potential, it can deploy trained staff to assist customers to transact digitally.

In this area, Fino Paytech is already having experience i.e Assisted e-commerce model, an innovation under FINO Money started off with Snapdeal.

Differentiator 07::::::: Focus on national high-remittance corridors to increase the footfalls to its digital platform. Fino Payments Bank has already tied-up with Western Union to tap the lucrative remittance market.

Differentiator 08:::::::: Decide which is better -  High service fees, low volumes or – Low service fees, high volumes

Differentiator 09::::::::: Adopt local Government schools in and around BPCL outlets for Financial inclusion and financial literacy programs. This is a good way to promote brand value.

Differentiator 10:::::::::: Focus on Truck Drivers to attract customers into Fino Payments Bank fold

Differentiator 11::::::::::: Tap its massive 78 million customers for more differentiators

Link A) Fino Paytech to launch payment bank, targets high domestic remittance areas

Link B) Fino Paytech set to start payments bank ops from April

Link C) Fino BPay

Sunday, March 26, 2017

HipBar – India’s newest Mobile Wallet - For your nocturnal thrills, not your electricity bills

          I was just browsing through this Reserve Bank of India URL @  and this name caught my attention:-

“Hip Bar Private Limited”.

          Curious, I Googled ‘HipBar’, and got these results

This innovation can be directly attributed to Government of India’s thrust on Safe Digital Transactions. With digitisation picking up, innovators are looking forward to rollout specialised Mobile Wallets.  HipBar Mobile Wallet is an early entrant in this space.

          HipBar has gone through the whole process to become a semi-closed Pre-Paid Wallet and be governed by the Payments & Settlements Act of 2007

          Semi-Closed  PrePaid Instruments facilitate CashLess transactions amongst merchants part of the closed loop. These instruments do not permit cash withdrawal or redemption.

          As per the description on HipBar website, “HipBar is a mobile wallet exclusive for drinks (We don't like using the 'B' word). Explore an assortment of drinks and experiences from your favourite watering holes and liquor stores in the city. Pre-pay for the drinks (at special rates) through the app and stock 'em in your very own Bar On The Cloud™. Happy Stocking !”

Operating concept::

01)  HipBar invites Watering Holes management to sign-up for HipBar Wallet and display their merchandise.

02) HipBar also invites general public to download HipBar App and reserve the merchandise displayed by the participating merchants.

03) Registered consumers of HipBar can redeem their purchases as and when they visit the respective Watering Holes.

04) No, door delivery of Drinks is not on the immediate agenda, as door delivery of drinks is not yet legally permitted.

HipBar has just started and is gaining traction day-by-day.

          The HipBar App is attracting mixed reviews. The common thread amongst the reviews is on the limited choice!!

          The concept of HipBar was formally unveiled in October 2015 by Prasanna Natarajan, founder of Hipbar .

          Read this article on HipBar @


Monday, March 20, 2017

Leading BFSI & FinTech Companies Come Together At IAMAI to Form the Largest Fintech Group

          Like it or Dislike it, Financial Technology will dominate the Indian Banking Industry in the years to come.

          Going back to the old fashioned, manual ledgers is not feasible or desirable.

          The volumes of Digital Transactions are on the increase, but lots need to be done, to convince the public that the Digital Transactions channel are safe.

          The higher the trust factor, the higher the volumes. In an idealistic situation, the volumes of Digital Transactions should increase due to internal factors only and not due to external factors.  Volumes dependent on  external factors tend to taper down and are not consistent.

To address the ‘TRUST’, factor IAMAI has brought in Leading BFSI & FinTech companies in a group.

Readers can read here about IAMAI.

IAMAI through Payments Council of India has experience of dealing with Digital Payment Industry. Payment Council of India was founded in 2013 with the main purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action.

Through this new Fintech Group , now IAMAI is brining together BFSI and FinTech companies under one umbrella.

The purpose of the group is to encourage collaboration, seek complementarities and build synergy between leading BFSI companies and the emerging Fintech start-ups.

The group comprises of 60 members from leading banks and technology start-ups including SBI, HDFC, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, BankBazaar, PolicyBazaar, i-Lend, Faircent, LendingKart, PNB Metlife, ClearTax, CoverFox, Scripbox, Indifi Technologies, Capital Float, Bill Desk, Itz Cash, PayPal, Chillar, Avenues India, MSwipe, among others.

Mrutyunjay Mahapatra,  Managing Director & CIO – State Bank of India, said: “The mandate of the group is to reach out to the last person and bring him into the structure of the entire financial system and create trust and safety, by leveraging technology.” This group represents the following segments - Credit, Payments, P2P Lending, Personal Finance and Technology.

On the need for such a group, Adhil Shetty, CEO –, said: "IAMAI Fintech Committee is a unique and important coming together of leading Financial Institutions, innovative FinTech Companies, Information Security Companies, and leading policy organisations. Thanks to IAMAI, all these organisations are collaborating to usher in secure digital financial services. The FinTech Committee will engage with all stakeholders on cashless and paperless financial services, information security and privacy standards, and create awareness of the benefits and security in paperless and cashless digital finance."

Commenting on the formation of the group, Dr Subho Ray, President, IAMAI, said: “Technology is moving fast and principle service providers such as banks and insurance companies need to work together to rapidly reach out and cover the last person and therefore bring efficiency in the system.”

In the next couple of months, the following rollouts will enable the Group to focus on attracting a new set of customers into the Digital Transactions ambit.

Roll-out 01::: Finalisation of the Group Name

Roll-out 02::: A dedicated website

Roll-out 03::: Formation of sub-committees for effective delivery

Roll-out 04::: Conducting Bi-yearly competitions to attract new ideas

Roll-out 05::: Launch of yearly awards amongst various sub-categories

Roll-out 06::: Hold interactive seminars across the nation to increase the trust factor in Digital Transactions

Roll-out 07::: Live data of Digital Transactions on the group’s website i.e eTaal


Wednesday, March 1, 2017

Hyderabad to host 2 Day Rural Innovation Conclave – RISC 2017

          Innovators specialising in Rural Development can participate in the upcoming RISC 2107.    

RISC is inspired by the vision of late Dr. A P J Abdul Kalam who championed the cause of technology innovations in rural development.

          RISC 2017 aims to provide a platform to a wide array of Ideas and start-ups to showcase their product, pitch and talk about their innovation and get an opportunity for funding and mentoring support.

          Innovators need to have a working prototype as RISC encourages ideas,  which can improve the quality of rural families.     

This is the first edition of RISC and depending on the feedback; this conclave can bloom into a yearly or bi-yearly event.

          The last date to apply online is 10th March 2017.

The Process for the entries is as under:
1. Online Registration
2. Last Date of Online Registration 10th March 2017
3. Preliminary Jury will shortlist 90 entries
4. Shortlisted 90 entries will announced on 10th March 2017
5. For Pitching Shortlisted Participants will be given 5 minutes presentation time (3 minutes presentation and 2 minutes Q&A) on 23rd and 24th March 2017
6. Final Jury will select Nomination for 12 Participants under Idea with Prototype and Startuip Category
7. Top Idea with Prototypes and Start-ups from each Sector will be awarded on 24th March 2017

Award Categories:

1. Best Agriculture and Allied Sector Innovation and Technology

2. Best Renewable Energy Sector Innovation and Technology

3. Best Water and Health Sector Innovation and Technology

4. Best Waste Management Sector Innovation and Technology

5. Best Sustainable Housing Sector Technology

6. Best Entrepreneur

7. Best Successful Entrepreneur

8. Best Innovation / Technology

Read the complete Concept Paper here

          RISC 2017 is being organised by The National Institute of Rural Development & Panchayati Raj (NIRDPR).

Brief Introduction of NIRDPR:

The National Institute of Rural Development and Panchayati Raj (NIRD&PR), an autonomous organisation under the Union Ministry of Rural Development, is a premier national centre of excellence in rural development and Panchayati Raj.

Recognized internationally as one of the UN-ESCAP Centres of Excellence, it builds capacities of rural development functionaries, elected representatives of PRIs, bankers, NGOs and other stakeholders through inter-related activities of training, research and consultancy.

The Institute is located in the historic city of Hyderabad in Telangana state.

In addition to the main campus at Hyderabad, this Institute has North-Eastern Regional Centre at Guwahati, Assam to meet the NE-regional needs.

It would have been wonderful if there was a dedicated category for Financial Inclusion Innovators. May be future editions will have a dedicated category for Innovators/Start-ups in Financial Inclusion area.


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