Chqbook, NSDL Payments Bank tie up to launch zero-balance digital current account

The all-new digital and instant current account facility is a one-time innovation for over 63 million small businesses in India. It advances Chqbook’s vision of financial inclusion by enabling small business owners to access financial services – current accounts, lending and insurance, without any paperwork, to run and grow their business .

Most small business owners transact through savings accounts, which leads to multiple credit or current accounts with co-operative banks, leaving them with absolutely no digital interface. A banking transaction usually means a branch visit, which is time consuming, tedious and involves paperwork. Also, it takes up to 7-20 days to open a current account in a bank branch.

A current account is a basic feature that is required by any business owner to document and track their expenses, streamline cash flows and allow easy calculation of tax liabilities. A current account for business, therefore, allows deposits, withdrawals and accepting UPI transactions. The newly launched current account addresses the traditional issues of long waiting periods and allows a small business owner to open a current account in minutes.

The Current Account facility on Chqbook App digitizes the entire account opening process. Any Android smartphone enabled business owner can open a current account instantly. The digital current account provides all features including downloading account details to reconcile transactions, add and manage beneficiaries, provide transaction history, ensure easy fund transfer and enhance biometric security. Customers can also deposit cash easily. Chqbook is expanding the number of cash deposit points to over 1 lakh locations over the next few months, thereby reducing the time taken to visit a distant branch to deposit cash. In addition, customers get the benefit of a zero-balance current account along with a free debit card. Customers can also avail POS machine with a single click on Chqbook App.

Chqbook has gained strong traction within two weeks of the launch of its all-new digital current account. Based on initial traction, Chqbook will open over 100,000 current accounts within this financial year.

“Chakbook’s mobile app brings together all the financial transactions a small business owner should handle, and these are available on demand and at their fingertips. We want to make sure that when a small business signs up with us If so, we provide them all the financial services they need to run and grow their business and they don’t need to step out and waste time.Our new digital current account is a game changer which is a game changer for this. Will bring about a significant change in the way digital banking services are offered to the underserved segment.Our launch today not only appeals to our customers with its localization but also addresses the on-ground challenges, evident in strong response and early adoption Going forward, our endeavor will be to open at least 20-25K current accounts in a month. We aim at financial inclusion at the national level, and provide excellent customer experience through technology, and we are just getting started. Vipul Sharma, Founder & CEO, Chq The book said.

India’s growing internet usage and smartphone penetration, with 725 million active users, is revolutionizing access to financial services. In sync with the vision of Digital India, Chqbook aims to empower small business owners with digital access to financial services, banking credit and insurance on the Chqbook app. With over 1.6 million app downloads and 250,000 active users across India, Chqbook aims to help their small businesses grow big.

Chqbook is in initial talks with investors to raise its Series B funds. The company has so far raised a total of $13 million in funding from marquee investors including Avish Capital, Rajiv Dadlani Group, Earlsfield Capital UK, Harsha Bhogle, Bharat Shyam, Ken Glass, Rohit Chanana, Bhupesh Kumar, Amit Manocha, Amit Singal, Nilesh Srivastava. , and Sakshi Vij.