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Bengaluru, 16^thJune, 2020:Kotak Mahindra Bank (Kotak) today announced the launch of its “ATM on Wheels” facility in Bengaluru. The mobile ATM will bring cash withdrawal services to local neighbourhoods during this critical period when it is advisable to restrict outdoor activity due to the COVID-19 pandemic. The mobile ATM facility is available to both Kotak customers and non-customers and will operate on all days,including weekends.

Similar to a regular ATM, the ATM on Wheels offers key banking services such as cash withdrawals and access to account-related information such as account balances and mini statements. The fully networked mobile ATM is connected to the central database using the Global System for Mobile Communications (GSM) technology.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, “As we fight the COVID-19 pandemic together, it is imperativethat we follow all the guidelines laid down by the authorities, including not venturing out as far as possible. Kotak’s ATM on Wheels gives citizens of Bengaluruconvenient and easy access to cash withdrawal services in their locality.”

All safety procedures including wearing of masks by staff and customers, providing hand sanitiser to every customer before use of the ATM, periodic sanitization of the ATM and maintaining social distancing as customers stand in a queue to use the ATM will be strictly followed. 

Kotak has launched its mobile ATM facility in Mumbai, Delhi NCR and Bengaluru.

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~Video KYC process will enable seamless, safe, contactless customer on-boarding~ 

Bengaluru, 16th June 2020:SBI Card, India’s largest pure-play credit card issuer announced the launch of “Video Know Your Customer” (VKYC) feature to ensure zero contact, hassle free customer on-boarding process. This launch is in line with SBI Card’s endeavour to establish an end to end paperless, digital sourcing and onboarding process.  VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half.

SBI Card has launched VKYC following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process. VKYC offers a simple, presence-less journey where a customer does not have to physically interact with anyone.  In the digital customer onboarding journey, E-sign process helps in obtaining digital signature from the applicant on a digital application form. The Applicant receives his application form in PDF format for validating the details he had provided. After verifying details, applicant digitally e-signs the application form and card processing can commence.

Commenting on the launch of VKYC, Mr. Hardayal Prasad, MD & CEO, SBI Card said, “We are a technology driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless. In line with our vision to Make Life Simple, we are now happy to launch Video KYC – a secure, AI driven, digital journey for our customers. It provides ease of use along with a high degree of safety through a contactless process. In a scenario, where social distancing has become the norm, this feature holds immense relevance for our customers, and we expect it to gain significant traction.”
With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. VKYC process uses techniques such as facial recognition, Dynamic Verification code, AI enabled OCR, Live Photo Capture facial recognition, OCR, geotagging etc, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.

Technology infrastructure and systems are a key competitive strength for SBI Card. SBI Card has made significant investments in technology infrastructure. Its technology systems leverage artificial intelligence and process automation technologies across functions, to improve customer experience and enhance operational efficiencies.

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~ Forays into the undergraduate market, announces BBA and BCA with Jamia Hamdard University

~ Expands its portfolio to offer Finance & Law with O.P. Jindal Global University

Mumbai, 16th June 2020:  upGrad, India’s largest online higher education company, is entering into the Bachelor’s market for the first time with the renowned Jamia Hamdard University. upGrad will be offering online-offline blended BBA (Bachelor of Business Administration) and BCA (Bachelor of Computer Application) degrees to school pass-outs. The subsequent Master’s for these programs, MBA and MCA has been launched as well. A government-funded university, Jamia Hamdard (JH) is amongst the top 25 universities in India as per MHRD’s National Institutional Ranking Framework (NIRF) released last week and is a recipient of MHRD’s letter of intent for ‘Institution of Eminence’ (IoE) status.

upGrad, which is now India’s only edtech major to offer online degrees, with offline basecamps and live classes, also announced its partnership with O.P. Jindal Global University (JGU), for two Master’s programs; a 1-year LL.M. in Corporate & Financial Law and a 2-year MBA in Digital Finance and Banking. JGU is India’s No.1 Private University as per the QS World University Ranking 2021 and has been awarded the IoE status by MHRD.

Announcing the launch, Ronnie Screwvala, Executive Chairman & Co-Founder, upGrad said “The ongoing global crisis calls for evolution on a recurring basis, especially amid the online education space which seems to be the only way forward, owing to its robustness and accessibility. At upGrad, we bear testimony to constantly evolving with the changing paradigm, and to developing better and better learning solutions. Our degree portfolio will enable learners to continue with their academia, without having to think about the overall crisis that has taken a sharp toll on the offline education system.”

The announcement came, within weeks of FM Nirmala Sitharaman’s advocacy of online education, in a press conference attended by Prof (Dr.) Seyed Ehtesham Hasnain, Vice-Chancellor, Jamia Hamdard University; Prof (Dr.) C Raj Kumar, Founding Vice-Chancellor, OP Jindal Global University & Founding Dean, Jindal Global Law School; Prof S Sadagopan, Director, IIIT-B, and the three Co-founders of upGrad. To strengthen its foothold in the higher education market which is estimated to witness 41 million enrollments by 2022, upGrad has earmarked an extensive budget of INR 150 Cr for this new venture.

Speaking further on this Mayank Kumar, Co-founder & MD and Phalgun Kompalli, Co-founder, upGrad added, “At upGrad, we are undertaking a 3-pronged approach to solve the macroeconomic disruption for both learners as well as academic institutions. By bringing in degree programs, upGrad will enable fresh graduates and working professionals to achieve a full-fledged degree while being within the safe environment of their homes. For college students, upGrad is offering paid programs and free certification courses which will allow them to utilise the additional time on hand productively, as only the top of the field will be hired over the next couple of months. For offline colleges and universities, we have provided complete access to the upGrad LIVE platform, LMS (Learning Management System) so they can seamlessly migrate to online at zero cost. 50+ institutes have empanelled with us for the same.”

upGrad has been chosen by the All India Council for Technical Education (AICTE), an MHRD undertaking, to make future-forward topics like Artificial Intelligence and Machine Learning accessible to all. The company’s programs are accredited by NSDC (National Skill Development Corporation). Additionally, upGrad’s PG Diploma in Data Science became India’s first PG Diploma validated and recommended by NASSCOM FutureSkills. By constantly evolving its program offerings, upGrad strives to enable universities to go online, thereby making online education mainstream.

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