ICICI Bank on Tuesday launched the first of its kind fully automated digital locker, which would be available to customers even on weekends and post banking hours.
Named ‘Smart Vault’, the locker is equipped with multi-layer security system, including biometric and PIN authentication and debit cards, among others. Customers can access it without any intervention by the branch staff, ICICI Bank said in a statement.
“Through the Smart Vault, we bring a very different, much more convenient, state of art branch experience to the customers,” ICICI Bank MD and CEO Chanda Kochhar said after its launch here.
ADVERTISEMENT
The ‘Smart Vault’ is an example of ‘Make In India’ programme as it has been designed and manufactured by Indian partners, she said.
“The vault uses robotic technology to access the lockers from the safe vault and enables customers to access their lockers at any time of their preference,” the statement issued by ICICI Bank, country’s largest private sector lender, said.
Asked about charges of the digital locker, Ms. Kochhar said: “The lockers are of two-three different sizes and charges would depend on that. Also, the locker charges in a city would vary depending on the real estate cost.”
ADVERTISEMENT
Launched in Delhi, Ms. Kochhar said the bank would replicate this digital locker facility to a much larger scale in the days to come.
ICICI moving towards softening interest rate environment: Kochhar
With inflation under control, lending rates will gradually come down as India is moving towards softer interest rate environment, largest private sector lender ICICI Bank CEO Chanda Kochhar said.
ICICI Bank was the first lender to start cutting base lending rates, she said adding “a lot of transmission” of monetary easing to borrowers has already happened.
“... directionally we can say that a lot of factors and parameters have come under control, whether it is in current account (deficit) or fiscal side. Inflation is coming under control. So overall we are moving towards a softening interest rate environment,” she said.
Ms. Kochhar added “clearly a lot of transmission has happened because if you see when the monetary policy rates gets cut then the deposit rates fall and the deposit form a only part of cost of funds for the banks.”
She said 30 basis points (0.30 per cent) rate cut has already happened “which is quite in line with the reduction in the cost of funds.”