ICICI Bank Current Affairs

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ICICI Bank launches EazyPay app for Merchants

ICICI Bank, India’s largest private sector bank has launched EazyPay mobile application for merchants that allows all-in-one acceptance payments platform.

This app consolidates all digital wallets, QR code, Unified Payments Interface (UPI), and credit & debit cards modes of payments. With this, ICICI Bank became first bank in the country to roll out all-in-one payments platform

Key Facts
  • Eazypay app is sustainable payment mode compared to current peer-to-peer digital applications.
  • It has ‘open architecture’ which makes it distinct from other digital payments that are actually closed-loop prepaid instruments.
  • Using it customer can make payments through any bank account using UPI or internet banking or using credit or debit card details on smartphone on a link forwarded by the merchant.
  • It has no issue of hitting the limit as the money flows directly into the bank account of merchant. It also has its in-built billing application for merchants.
  • It also allows merchants to receive payments from ICICI Bank’s own e-wallet ‘Pockets’.

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Akodara becomes India’s first Digital Village

Akodara village in Sabarkantha district of Gujarat has earned the coveted tag of becoming India’s first digital village.

The village with a total population of 1,191 people and 250 households uses a various cashless system for payments of goods and services. All transactions in the village are carried out through digital modes like SMS, net-banking or debit cards.

Key Facts

  • The village was adopted by ICICI Bank under its Digital Village Project in 2015 and made cashless by adopting digital technology.
  • The project was launched in January 2016 by Prime Minister Narendra Modi and ICICI Bank MD and CEO Chanda Kochar to mark 60-year-celebration of the ICICI group’s existence.
  • All households in village have savings account in local ICICI Bank branch. The bank has provided training to villagers to embrace digital technology to reduce dependence on cash.
  • The village has almost 100% financial rate and all mobile banking is done in Hindi, English and Gujarati languages. It also has its own official website.
  • The villagers’ most important transactions selling agri-produce at the local market or mandi or selling milk at the co-operative society have been made cashless.
  • It has primary, secondary and higher secondary schools equipped with smart boards, computers and tablets.
  • It can be said that this village has become prime example of how e-banking can be practically implemented in Indian villages without much difficulty to make India cashless economy.

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ICICI Bank: First bank to introduce Software Robotics for power banking operations

India’s largest private sector bank ICICI Bank has successfully deployed ‘Software Robotics’ for power banking operations.

With this, it becomes first bank in the country and among few globally to deploy ‘Software Robotics’. ICICI Bank has deployed Software Robotics to over 200 business processes across various functions.

The 200 business processes include retail banking operations, agri-business, trade & foreign exchange, treasury and human resources management, among others

Key Facts

  • In banking, software robotics emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications.
  • It leverages recent advancements in artificial intelligence such as facial and voice recognition, machine learning, natural language processing, and bots among others.
  • The software robots can perform over 10 lakh (1 million) banking transactions every working day.
  • The software robots at ICICI Bank are configured to capture and interpret information from systems, recognize patterns and run business processes across multiple applications.
  • Besides, it can execute activities including data entry and validation, automated formatting, workflow acceleration, multi-format message creation, text mining, reconciliations and currency exchange rate processing among others.
  • Significance: The software robots help to bring operational efficiency, higher accuracy and a massive reduction in processing time for customer services. It will help ICICI Bank to cut response time to customers by 60 per cent and increase accuracy to 100 per cent.

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