The restriction imposed by the Reserve Bank of India (RBI)on MasterCard from on-boarding new Domestic customers (debit, credit or prepaid) Onto their card networks from July 22, 2021,
Have imposed a higher impact on the card Issuer’s (bank) business growth.
•RBL Bank, which has issued credit cards only On the Mastercard payment network, has now Entered into an agreement with Visa Worldwide Pte Ltd to issue credit cards on Visa’s payment network.
• YES Bank, and Bajaj Finserv, that have all their Credit card business with MasterCard also got Affected. HDFC Bank has 3 co-branded cards With Mastercard while State Bank of India
(SBI) has 2.
FEDDY Al-powered virtual customer
Assistance launched by Federal Bank
FEDDY, an Artificial Intelligence (AI) powered Virtual assistant was launched by Federal Bank To provide 24*7 assistance to its customers on Banking related queries. FEDDY is a State-of-Art Tool that can also be integrated and accessed Through Alexa, Google Assistant and WhatsApp. Notably, Federal Bank previously launched
.”FedSelfie”- a user-friendly tool that allows Users’ to open a bank account by taking Selfies.
“Federal 24*7” Users can open bank
Accounts through Video Call