Cheque Vs. UPI to open new bank account.
By when we will be able to phase out the process of taking #cheque of another bank to open a new bank account?
Can’t we just mention our #UPI ID on the account opening form and the bank can initiate a pull request for the agreed amount. I authorise the #Payment and the account is opened after KYC and CDD etc.
Is it too costly/time taking to replace the paper based form or even to add a field in the online account opening form?
Are we waiting for who starts first or Is there something which I have missed here?
With #UPI2.0 #banks can attach the invoice/authorisation letter along with the request.
In #TabBanking pull request can be made instantly resulting in reduced cost and time to realise funds.
Please share your thoughts..
#FinTech #Payments #LoveForLegacy #NPCI