All public sector banks to join BHIM by February-end

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Published: February 16, 2017 3:14:26 PM

BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI). Keeping this in view, the National Payments Corporation of India is expecting all public sector banks (PSBs) to join Bharat Interface for Money (BHIM) by the end of this February month.

Currently, 37 banks are a part of the BHIM platform including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India.Currently, 37 banks are a part of the BHIM platform including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India.

BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI). Keeping this in view, the National Payments Corporation of India is expecting all public sector banks (PSBs) to join Bharat Interface for Money (BHIM) by the end of this February month.

Currently, 37 banks are a part of the BHIM platform including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India. The PSBs which will go live very soon on the platform are Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India. NPCI is working with these seven banks to ensure that all of them are a part of the platform by the end of this month.

“Since the customer base of PSBs is very large, their participation in BHIM is of crucial importance for the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times,” says A P Hota, MD & CEO NPCI.

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BHIM was launched on December 30 2016 by Prime Minister Narendra Modi. Total 13.8 million customers downloaded the app, out of which 3.6 million customers have linked the app to their bank account. The response has been very positive till January 31, 2017.

There was a big gap in the number of app downloads and the number of customers linking the app to their bank account because it was observed that most of these customers have downloaded BHIM without even checking that their bank is active on the platform or not.

The new version 1.2 has seven new languages apart from English and Hindi with additional features like ‘pay to Aadhaar number’, SPAM report, and improvised customer redressal mechanism with drop down menu.

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