Chqbook and NSDL Payments Bank collaborate: The neobank for small business owners Chqbook has introduced the first digital current account of its sort in collaboration with NSDL. Small business owners, including kiranas and pharmacists, can easily open a current account on the Chqbook App from their smartphone in a language of their choice. The current account is more easily accessible and understandable because it is provided in eight different languages.
Chqbook and NSDL Payments Bank collaborate: Key Points
- For more than 63 million small companies in India, the brand-new digital and immediate current account feature is a welcome innovation.
- By enabling small company owners to use the Chqbook App to access financial services like current accounts, loans, and insurance on their smartphones without having to fill out any paperwork, it advances Chqbook’s mission of financial inclusion.
- Most small business owners conduct their transactions through savings accounts, which can freeze owing to multiple credits, or current accounts at cooperative banks, which provide them with no digital interface at all.
- A conventional banking transaction entails a trip to a branch, which is tiresome, time-consuming, and includes paperwork. Apart from that, opening a current account at a bank branch takes between 7 and 20 days.
- Any business owner needs a current account as a fundamental tool to keep track of spending, manage cash flow, and facilitate accurate tax liability calculations.
- As a result, a corporate current account supports UPI transactions as well as deposits and withdrawals.
- With the recently introduced current account, long wait times are no longer an issue, and small business owners may open a current account in only a few minutes.
Chqbook App Current account
- The Chqbook App’s current account feature digitises the entire account opening process. Any business owner with an Android smartphone can open a current account right away.
- The digital current account comes with all the capabilities, such as the ability to download account statements in order to reconcile transactions, manage beneficiaries, add beneficiaries, view transaction history, make easy financial transfers, and have increased biometric security.
- Customers can effortlessly deposit cash as well. In the coming months, Chqbook will add over 1 Lakh cash deposit sites, which will cut down on the time needed to travel to a distant branch to deposit cash.
- Customers also benefit from a current account with no balance and a free debit card. Customers can use the Chqbook App to quickly and easily obtain a POS machine.
Within two weeks of launching its brand-new digital current account, Chqbook saw significant growth. Chqbook will open more than 100,000 current accounts within this financial year based on the early traction.
Chqbook in India:
- With 725 million active smartphone users, India has a rapidly growing Internet population that is altering how people access financial services.
- In line with the goal of creating a digital India, Chqbook wants to give owners of small businesses digital access to banking, lending, and insurance services.
- Chqbook wants to grow their small enterprises with more than 1.6 million app downloads and 250,000 active users across India.
- As part of its Series B fund campaign, Chqbook is already in discussions with potential investors.
- Aavishkaar Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Shrivastava, and Sakshi Vij are just a few of the notable investors who have contributed a total of $13 million to the company to date.