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Federal Bank sees business volumes through its digital channel — largely mobile — growing by leaps and bounds in the coming months.
From a current monthly business level of about ₹400 crore, this private sector bank sees its monthly business activity touching ₹1,000 crore by end of this fiscal, Shyam Srinivasan, Managing Director and Chief Executive Officer, told BusinessLine here.
"Every quarter our run rate is doubling," he said.
On Thursday, Federal Bank went live with the Unified Payment Interface (UPI) App-LOTZA, which will enable real-time sending and receiving of money, on an interoperable basis. The UPI platform would allow customers to pay directly from their bank accounts to different merchants/persons without the hassle of typing the card details or Net banking/wallet password.
"Our desire is we want million downloads of LOTZA. They may not be my customers today. The moment they download this UPI App, there is the likelihood that they may like us on many counts and become our customers in future", Srinivasan added
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