Axis Bank, India’s third largest private bank, launched the Aadhaar based electronic Know Your Customer (eKYC) mode of account opening service in Adilabad district of Andhra Pradesh. With the launch of this service, Axis Bank has become the first bank in India to offer paperless account opening services through Mic
Axis Bank, India's third largest private bank, launched the Aadhaar based electronic Know Your Customer (eKYC) mode of account opening service in Adilabad district of Andhra Pradesh.
With the launch of this service, Axis Bank has become the first bank in India to offer paperless account opening services through MicroATMs.
The customers can approach the bank's correspondents, who in turn will access MicroATM - a biometric handheld device, to open Aadhaar based account through eKYC. Upon successful biometric authentication on MicroATM, customers will be provided their bank account number instantly through the transaction slip.
The account will get activated within 24 hours and the customer is ready to receive Government's Direct Benefit Transfer payments through Aadhaar Payments Bridge System and withdraw entitlements through Aadhaar Enabled Payment System. The MicroATM service can be used for both enrolments and disbursements.
Turnaround time of opening an account will be reduced from 7 – 10 days to 1 day. Axis Bank has tied up with National Payments Corporation of Indiaand Unique Identification Authority of India.
“A large section of rural India, which is close to 40 %, still remains unbanked. This is mainly because of lack of any form of formal identity and address proof documents. This is now being addressed through account opening in a completely paperless manner which makes for a great customer on-boarding experience,” Rajiv Anand, President, Retail Banking, Axis Bank said.