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A look at the future of banking system, trends in UPI payments, retail digital banking and more

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One of the country's largest private lender ICICI Bank opened up its mobile application for use by customers of other banks using NPCI's Unified Payments Interface. This came just days after the Reserve Bank temporarily banned HDFC Bank from on boarding new credit card customers and halted its new digital offerings.

One of the country's largest private lender ICICI Bank opened up its mobile application for use by customers of other banks using NPCI's Unified Payments Interface. This came just days after the Reserve Bank temporarily banned HDFC Bank from on boarding new credit card customers and halted its new digital offerings.
Players like Axis Bank and SBI have also announced their intention to open their digital apps to non-bank customers in a similar fashion and more are expected to follow.
Many also see this move as a precursor to what could be an open banking system in the future of banking system.
To discuss the future of the banking system, the recent trends in UPI payments system, retail digital banking and a lot more CNBC-TV18's Ritu Singh spoke to MD and CEO of NPCI Dilip Asbe, Executive Director of ICICI Bank Anup Bagchi, and EVP and Head of Digital Business  Transformation at Axis Bank Sameer Shetty.
Anup Bagchi said, “It is unfortunate what happened with HDFC Bank and our offering has nothing to do with HDFC Bank. Customers don’t have to open savings bank account at all, in fact the whole offering is - think of it as an ATM. You can have any bank account with any bank and can link that bank account to the UPI with ICICI Bank iMobile.”
“You can pay using any scan and pay, so it is completely open architecture on both sides,” he explained.
Dilip Asbe said, “I welcome ICICI Bank’s move to take first step to open up the mobile banking app, traditionally which has been opened only for the bank customers to open it up for all the bank customers or the UPI customers. We saw State Bank of India and Axis Bank also making the statement so from NPCI standpoint we welcome this.”
“RBI right from the beginning has placed its all architectures based on the interoperability. Today in fact there is no payment instrument in the country which is not interoperable.”
Sameer Shetty said, “We have been offering this service to non-Axis Bank customers to use our mobile app and make UPI payments for over three years now. We launched this in middle of 2017. As of now we have about 2 million registered customers who registered for this service and so we continued to kind of plan to leverage this channel.”
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UPL772.20 -35.80 -4.43
Wipro542.15 -7.65 -1.39
Hindalco367.60 -3.75 -1.01
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