RBI approves internet banking services for Kerala Bank
Kerala Bank received the approval of the RBI for internet banking services.
The RBI approval of internet banking services for Kerala Bank allow customers to avail banking services 24 x 7 without visiting the branches of the Bank. Individual customers along with Primary Agricultural Credit Socieities (PACS), who are the member societies, and other institutions will be provided internet banking facilities through Kerala Bank.
The member societies will be able to perform internet banking services including RTGS and NEFT by using the accounts of Kerala Bank.
The Bank will scale up its digital banking services in such a way that the Government Departments, local self governing bodies, other Cooperative institutions, private and public sector institutions can avail services like fund transfer, bulk payments and account management online without visiting the branches. Moreover services like QR code and EPOS will be made available shortly.
The Bank has integrated Core banking solutions (CBS) within a short span of time since the formation of the Bank in 2019 and rolled out UPI payments by launching KB Prime and KB Prime Plus mobile applications. The UPI payments of the Bank ran to Rs 16041.25 crore in as many as 9.8 crore transactions last fiscal.
Currently the total business of the Bank is 1,28,697 crore