Fino introduces 'GATI' savings account to penetrate UPI transactions in Bengal
Towards this objective Fino Payments Bank today announced the launch of a new savings account 'GATI', which means 'speed or fast' in many Indian languages.
The product is specifically designed to cater to the needs of customers who aspire to use digital platforms for banking services in an affordable manner. As digitalization sweeps India, this segment of customers is ready to make the shift from phygital to digital riding on the rising adoption of UPI.
One can open GATI savings account at any of Fino Bank's 40301 merchant points spread across the state of West Bengal and enjoy the benefits. The zero balance GATI account can be opened instantly through eKYC authentication with a one-time account opening fee of only Rs 100.
With the help of the merchant they can then download FinoPay mobile banking app that auto-creates UPI ID allowing immediate transactions. Further, account maintenance charges are only levied every quarter at Rs 50, instead of annual fee making it convenient and affordable for customers.
Darpan Anand, National Head (Channel Sales), Fino Payments Bank said, 'Smartphone usage is increasing among rural customers irrespective of age, including senior citizens. The introduction of GATI savings account is in line with our strategic intent of bringing digital banking closer to this segment of customers. Our merchants spread across the state can help facilitate opening of GATI account and ensure they are transaction ready instantly. We believe GATI will encourage more customers from the rural hinterlands to engage in safe and secure digital way of banking.'
With GATI, Fino Bank aims to target customers with the ability to frequently engage in banking activities especially using UPI. They could be anyone above the age of 18 years, 12th pass, salaried or self-employed and have a smartphone. Primarily, youngsters who are new to banking, women, beneficiaries of various government welfare schemes and senior citizens. They need faster access to banking services to send or receive money, salary, pension or make merchant and bill payments.
GATI joins the list of innovative and affordable offerings from Fino aimed at increasing digital banking adoption and usage in rural areas. With FinoPay app customers can also buy insurance, digital gold and apply for referral loans, anytime, anywhere from their smartphone, according to a media release.
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