In the recent years, government of India has made lot of efforts to bring people under banking and have helped them to open a bank account. But people are yet to start using their bank account for financial transactions and cash is still being preferred over other transactions mode.
However, the current situation is forcing people to shift to digital mode of transactions and once ignored bank account has become a necessity for our daily lives. The fear of the corona virus spreading through currency notes is on the rise and many businesses from large companies to small shopkeepers have started refusing to deal with cash. Among the electronic payments, UPI is the most commonly used payment mode by Indian population. An UPI account is an extension of the bank account, thus creating a further necessity among the people to go for a bank account.
This pandemic has created financial distress for many people creating an urgent need for a quick small ticket personal loan. The traditional approach of going to a bank for loan has been a cumbersome and time-consuming process. An alternate to this is to avail Instant Personal Loan from digital platform like Home Credit India mobile app where all you need is a bank account and a mobile phone to get the loan approved in 5 minutes. Customers need to scan the requisite documents and upload them on the mobile app to complete the process. The loan amount directly gets credited to the bank account once the loan application is signed by the customers.
Also, the subsidies offered by the government has been really a life saver for many. The government has also launched the Direct Benefit Transfer with the sole aim to bring subsidies to the end users. Under this scheme, the subsidies are transferred to the registered bank account and hence having a bank account becomes a necessity to avail the benefits.
If we look closely, a bank account gets you economic subsidies, gives you access to financial markets like instant personal loans and you can transact without any fear of catching Coronavirus through the ease of UPI payments.
So how can one open a bank account without any hassle?
You might say that opening a bank account is a tough job during these days of social distancing and other norms. But if board meetings, family get-togethers and even marriages can happen via video calls, could opening a bank account is not possible this way?
With Reserve Bank of India giving approval for Online KYC for Bank accounts, opening an account is just a matter of minutes. All the leading Banks are looking forward to starting online account opening without any requirement for the customer to visit the branch. You will have to visit the bank’s website, share personal details, give consent to the use of Aadhaar for verification and enable access to the phone’s location for video KYC. Once a bank executive completes the conversation with you over a video, a savings bank account gets opened.