IndusInd Bank launches India’s first mobile app based facility for opening current accounts in a paperless manner

• First bank in India to introduce a mobile app based process for opening current accounts in a few hours 
•  Uses APIs for real-time validation of KYC documents of customers and their businesses

Mumbai, June 4, 2020: IndusInd Bank announced the launch of a first-of-its-kind assisted mobile application based facility, that enables the Bank to open current accounts for self-employed individuals and businesses digitally, in just a few hours

Equipped with the Bank’s state-of-the-art ‘Indus Corporate’ mobile app, bank officials can now capture and verify information about customers and their businesses in real-time, at the premise of the customer in a convenient and secure manner. With this, customers can now experience a faster and seamless account opening journey with the bank, without the hassle of arranging physical KYC documents of themselves or their firm.

The app uses multiple ‘Application Programme Interface’ (APIs) which enables secured validation of KYC documents from authorised government platforms such as the Goods and Service Tax (GST), Ministry of Corporate Affairs (MCA), National Securities Depository Limited (NSDL), Import Export Code (IEC) and Aadhaar. The facility can be used to open current accounts for all kinds of businesses including proprietorship, partnership as well as private & public limited companies, among others.

Talking about the initiative, Mr. Soumitra Sen, Country Head – Consumer Banking, IndusInd Bank said, “IndusInd Bank has always leveraged technology to provide path breaking banking solutions to its customers. In line with this vision, we are delighted to introduce the country’s first mobile based digital facility of opening a current account. With this, customers can enjoy a swift and seamless account opening experience that eliminates the need for undertaking physical authentication of documents, which can be time consuming. This new proposition is a testament to our commitment towards catering to the financial requirements of self-employed individuals and businesses, thereby contributing to the Government’s vision of providing ‘ease of doing business.”

• Faster and seamless account opening: With the help of a digital journey, current accounts can now be opened within a few hours, which helps customers to initiate their business transactions faster. 
• Choice Account Number: Customers are given the privilege of choosing an account number of their choice which they can easily remember 
• Paperless KYC documentation: Customers need not go through the hassle of submitting physical KYC documents which also helps in reducing the usage of paper
• Accuracy of data: Details of the digitally validated documents of the said entity and the authorised signatories will be fetched directly from govt. databases using APIs

While the account number is provided to the customer at the time of the account opening procedure itself, the account is made operational within 24 hrs.

The launch of the mobile application based facility for opening current accounts comes close on the heels of our recent announcement on the expansion of our video banking services, with the integration of a ‘Video KYC’ platform for onboarding savings account and credit card customers.

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2020, IndusInd Bank has 1911 branches/ banking outlets and 2760 ATMs spread across 751 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

Ratings:
Domestic Ratings

● CRISIL AA + for Infra Bonds program
● CRISIL AA for Additional Tier I Bonds program
● CRISIL A1+ for certificate of deposit program
● IND AA+ for senior bonds program by India Ratings and Research
● IND AA for Additional Tier I Bonds program by India Ratings and Research
● IND A1+ for Short Term Debt Instruments by India Ratings and Research 

International Ratings

● Baa3 as Issuer, Bank Deposits and Senior Unsecured MTN ratings by Moody’s Investors Service
● P3 as Short Term Issuer Rating by Moody’s Investors Service 

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