On September 30, 2020 In view of the pandemic, Chqbook(Chqbook.com), India’s first Neobank for small business owners like kiranas, merchants, chemists, and others running proprietorships has launched India’s 1st ‘Financial Control Center’, a new mobile platform to empower 60 million small business owners of India.
The mobile application of Chqbook will give small businesses the power to manage everyday financial needs and to access other financial products, which helps them to save time, effort and money.
New current account for small business
i.Chqbook through its mobile app has launched a new current account for small business owners that also rewards customers on daily current account transactions.
ii.It is to be noted that this is the 1st platform to reward customers who shift to a digital transaction platform for an age-old practice.
iii.The current account is powered by ICICI Bank. It offers customers a lifetime zero-balance account.
iv.Customers with biometric access can transfer funds instantly through IMPS(Immediate Payment Service), NEFT(National Electronic Funds Transfer), and RTGS(Real-time Gross Settlement) and also enables them to earn rewards on transfers.
Note- Chqbook, with the launch plans to scale to more than 50 cities and expects to increase its customer base by 1 million during this financial year.
i.In addition to these, Chqbook also offers overdrafts to small businesses through pre-approved credit lines available within the app.
ii.It is India’s 1st paperless and contactless product for kirana and other small business owners.
What is NeoBank?
Neobank is a type of bank that operates exclusively online, i.e., it does not have any physical branch networks. These banks will offer digital services or mobile-only services.
Recent Related News:
On June 04, 2020, IndusInd Bank Limited, an Indian new generation bank, has introduced a first-of-its-kind facility for customers to open current accounts (CA) through its ‘Indus Corporate’ mobile app.
Founder & CEO– Vipul Sharma