Reported by: banking|Updated: July 27, 2020
The number of bank’s average daily NEFT transactions shoot up to 1000:
Arunachal Pradesh Rural Bank is serving the trans-Himalayan state, which significantly has international borders with Bhutan, China and Myanmar. Sponsored by the State Bank of India, it has 30 branches and all the districts of the state are covered catering to the banking needs of some 1.38 million population as per the last census. According to Dr Deepak Kumar Gupta, Chairman of the bank, the bank is committed to provide banking facilities to all the segments of the population with a state-wide branch network that is being expanded based on needs. The bank, he says is proposing to open 2 new branches by the end of this financial year. “We do not have our own ATMs as of now but we have already placed a request with NABARD for acquiring micro-ATMs and it is proposed that 50 micro-ATMs will be procured. In addition, we are in the process of deploying 50 PoS machines,” he adds.
The bank is now introducing new technologies and multiple channels to provide banking services to as many people as possible in the state. To upgrade its connectivity, the bank has ensured that all its branches are connected by leased lines / radio frequency (RF). The bank also has VSAT facility connecting all the branches. The bank functions on a serverless systems and to that extent it has solved most of the connectivity issues. Gupta says the bank has implemented IMPS, UPI, NEFT, RTGS, etc, to cater to the increasing needs of the customers.
CTS, AVERAGE TRANSACTIONS
The bank has recently introduced cheque truncation system with the aim of easing clearance of cheques – both inward and outward – eliminating the delays that happen in the manual system Gupta says the average weekly cheque scanning at present is 15 since many of the branches are yet to move into the system which has been affected by the lockdown.
The number of average daily transactions for using various channels during FY2019-20 was 800 for NEFT and 40-70 for IMPS. For RTGS it is 50-100 on weekly basis, since it is only for inward transactions. “The number of average daily transactions for NEFT in the current year has shot up to 1000,” says Gupta, adding: “Mobile banking is being implemented and UPI transactions too will be introduced soon.”
The bank has implemented biometric verification process for account opening for Corporate Salary Package and it is planning to offer PoS machines to its BCs.
One key focus area of the bank is enhancing digital literacy of the customers and the bank has been organizing financial and digital literacy camps at its branches. Says Gupta: “We have held 64 literacy camps in the last financial year and in the current year, 2 such camps have been organized but there has been a pause because of the lockdown. The camps – financial literacy and digital literacy – are being held on a rotational basis.”
The bank has also implemented Public Financial Management System to facilitate Direct Benefit Transfer of government doles to beneficiaries thereby avoiding delay and ensuring the benefits reach the deserving people. Says Gupta.: “Through PFMS, we have been transferring subsidies directly to the people through their bank/post office accounts, which is really convenient for the beneficiaries. PFMS aims at timely transfer of benefits to the citizens by bringing efficiency, effectiveness, transparency and accountability in the government system.”
The bank has its website – apruralbank.com – which offers adequate information about the bank and its various products and services. The bank’s technology partner is C-Edge, which has provided all the banking solutions, technology services and networking infrastructure. The IT of the bank comprises 4 members and network services are provided by NELCO and Airtel.
The bank has undertaken various in-house and outside training for its staff in 2019-20. The topics of these training programs included CKYC, AML-KYC, GST, mobile banking and CTS. Training sessions were held by NABARD, NPCI, C-Edge, etc. Says Gupta: “As part of these training programs, our IT department too has conducted multiple training sessions on C-KYC and AML-KYC for various regions and branches. Our IT staff has also attended training sessions provided by NPCI, NABARD, BIRD, etc, on reconciliation, cybersecurity, etc.”