CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Fino Payments Bank has introduced a new digital savings product named “GATI”, which means "speed" in many Indian languages. This initiative is targeted at expanding the reach of UPI transactions in semi-urban and rural areas of West Bengal. Designed as a zero-balance account, GATI enables instant digital transactions and is tailored for digitally-savvy individuals often overlooked by traditional banking services.
Context And Development
Fino Payments Bank has established a strong presence through its merchant-led model, especially in areas lacking formal banking infrastructure. With a network of over 40,000 merchant points in West Bengal alone, Fino provides last-mile access to banking services. The increasing adoption of smartphones and the Digital India initiative have underscored the need for fast, accessible, and inclusive financial products like GATI.
GATI Matters
The GATI account has been launched in response to the rising popularity of UPI payments in India. Many underserved groups such as the elderly, women, youth, and welfare beneficiaries struggle with delays and barriers in opening bank accounts. GATI solves this by enabling eKYC-based onboarding, removing the need for physical visits to bank branches, and supporting instant UPI activation. This approach supports India’s goal of achieving grassroots-level financial inclusion.
Core Objectives Of GATI Account
To provide instant access to digital banking services.
To increase UPI adoption in low-access and underserved regions.
To offer an affordable and user-friendly banking solution for basic financial needs.
To support inclusive banking for vulnerable groups like the elderly, women, and the economically weaker sections.
Salient Features Of GATI
Quick eKYC Account Setup: Available at 40,301 merchant points across West Bengal.
Low-Cost Banking: Rs. 100 one-time setup fee, Rs. 50 quarterly maintenance charge, with no annual charges.
No Minimum Balance Requirement: Zero balance account structure.
UPI Enabled from Day One: Auto-generated UPI ID through FinoPay app.
User Eligibility: Suitable for individuals aged 18+, who are at least 12th pass, salaried or self-employed, and own a smartphone.
Additional Financial Tools: Access to insurance, digital gold, and referral-based loans via mobile app.
Strategic Vision
Fino's broader goal is to transition users from “phygital” (physical + digital) engagement to fully digital financial participation. According to Darpan Anand, National Head of Channel Sales at Fino, the GATI account aligns with the bank’s mission of empowering rural communities through technology. The initiative specifically targets elderly users and other vulnerable segments who are increasingly becoming smartphone users and are ready for digital financial services.
Welcome to Notopedia.com, your free learning platform that caters to the diverse needs of students and aspirants across a spectrum of entrance exams and educational endeavors. Whether you're preparing for highly anticipated exams like CAT, NEET, JEE Main, or bank job vacancies, our platform offers a wealth of resources to guide you towards success. Stay up-to-date with the latest exam dates, announcements, and results for various government recruitment exams, including SSC CGL, CHSL, NDA, and UPSC. Explore comprehensive study materials, sample papers, and exam patterns to hone your skills and boost your confidence. From important dates like CBSE Class 10 and 12 date sheets to exam-specific information like JEE Main application form date, we cover it all. Notopedia.com is your go-to source for everything from admissions and admit cards to scholarships and college information. Whether you're aiming for a career in defense, government, banking, or higher education, our free learning platform equips you with the knowledge and resources you need to excel. Join us in your educational journey and unlock a world of opportunities, guidance, and comprehensive support.
For more Updates and Information - Visit Notopedia's Bulletin Board
For Latest Sarkari Jobs - Visit Notopedia's Sarkari Jobs Section
For access to more than 20,000 Colleges - Visit Notopedia's College Section
For School Studies and Exams Preparation across 14 Boards - Visit Notopedia's School Section
For Comprehensive Preparation of Sarkari Job Exams - Visit Notopedia's Sarkari Exams Section
