Fino Payments Bank today announced that it has launched Jan Bachat Khata, an Aadhaar Authentication based digital savings account that brings neo-banking experience to consumers. With 90% of the country’s population having Aadhaar number, the Jan Bachat Khata (JBK) is available to everyone who is comfortable with AadhaarAuth based banking on fingertips.
However, the primary segment would be low income household families and beneficiaries of government’s direct benefit transfer (DBT). For this set of customers Aadhaar enabled payment system (AePS) has emerged as the preferred mode of transactions it is convenient, secure and completely digital.
JBK was launched on 15th August 2020 to commemorate India’s Independence Day driving customers towards financial independence and freedom of choice.The core insight behind JBK was making it very natural to carry the bank, everywhere– all that is needed is the thumb or finger print for authentication! Banking on fingertips – literally!
To open a JBK account all a customer has to do is SMS JBK to 8506978686 and the bank representatives will help complete the process. Customer can open a JBK account only through Aadhaar-based eKYC mode. JBK eliminates the need for debit card and PIN thereby enhancing customer experience.At a nominal annual subscription fee customers can enjoy a zero balance account with no MAB requirement, no debit card, ATM and SMS charges and full rights to access BPay mobile banking app.
Further, customers can transact at a Fino branch or merchant point with finger print and OTP combination, while at non-Fino points they need Aadhaar authentication. They can deposit up to Rs 25000 and avail around ten free transactions in a month, without any charges.