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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

https://www.linkedin.com/feed/update/urn:li:activity:6512976019945807872

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