In 2024, Indian banks launched several innovative digital products to improve customer convenience and promote financial inclusion.
HDFC Bank introduced the Pragati Savings Account, designed for rural and semi-urban populations, especially farmers. This account offers tailored solutions, including savings options, credit support, and digital banking tools.
ICICI Bank launched the InstaWealth App, which helps millennials manage their wealth with real-time financial planning tools and smarter investment options.
SBI's GreenLoans Portal simplifies the process of securing loans for renewable energy projects and electric vehicles, promoting eco-friendly financing.
In this article, we will explore the top 10 digital and financial products launched by Indian banks in 2024, showcasing how these innovations are reshaping the financial landscape with smarter, more inclusive solutions.
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List of Digital and Financial Products by Indian Banks in 2024
Here is the list of the Digital and Financial Products by Indian Banks in 2024 that are transforming the banking experience for customers:
| Bank | Product Name | Type | Month | Features |
| HDFC Bank | Pragati Savings Account | Savings Account | Jan 2024 | Tailored for rural populations; includes savings, credit support, and digital banking tools. |
| YES Bank | YES Grandeur | Credit Card | Jan 2024 | Caters to emerging affluent segment; offers lifestyle benefits and rewards. |
| Axis Bank | Axis Instant Personal Loan | Personal Loan | Jan 2024 | Quick approval and disbursal; minimal documentation required. |
| Kotak Mahindra Bank | Kotak 811 Digital Savings Account | Digital Savings | Jan 2024 | Fully digital account opening; offers attractive interest rates and zero balance requirement. |
| Indian Bank | Digital Savings Account | Savings Account | Jan 2024 | Easy online account opening; features include mobile banking and fund transfers. |
| Punjab National Bank | PNB Insta Loan | Personal Loan | Jan 2024 | Instant loan disbursal with minimal paperwork; aimed at quick financial assistance. |
| Canara Bank | Canara e-Savings Account | Digital Savings | Jan 2024 | Online account management; offers various digital banking services. |
| Union Bank of India | UBI Digital Wallet | Digital Wallet | Jan 2024 | Facilitates online transactions and bill payments seamlessly. |
| ICICI Bank | InstaWealth App | Wealth Management App | Feb 2024 | Real-time financial planning tools; designed for millennials; offers smarter investment options. |
| HDFC Bank | DigiSavings 360 | Digital Savings | Feb 2024 | Fully digital savings account; provides AI-driven financial insights and personalised investment recommendations. |
| State Bank of India (SBI) | GreenLoans Portal | Loan Portal | Feb 2024 | Simplifies loans for renewable energy projects and electric vehicles; promotes eco-friendly financing. |
| Axis Bank | UPI-ATM | ATM Solution | Feb 2024 | Cardless cash withdrawal and deposits using UPI technology; integrates various banking services. |
| Bank of Baroda | BoB 360 Term Deposit Scheme | Fixed Deposit | Feb 2024 | Competitive interest rates; special rates for senior citizens. |
| Canara Bank | Canara Heal | Insurance Product | Feb 2024 | Covers hospitalisation expenses; designed to settle healthcare claims efficiently. |
| YES Bank | YES Grandeur | Credit Card | Feb 2024 | Caters to an emerging affluent segment; offers lifestyle benefits and rewards. |
| Indian Bank | Metal Credit Card | Credit Card | Feb 2024 | Provides a seamless credit experience; designed for digitally savvy consumers. |
| Kotak Mahindra Bank | Banking Portal Kotak FYN | Digital Banking | Feb 2024 | Paperless transactions; unifies multiple accounts under one login ID. |
| Union Bank of India | UBI Digital Wallet | Digital Wallet | Feb 2024 | Facilitates online transactions and bill payments seamlessly. |
| State Bank of India (SBI) | GreenLoans Portal | Loan Portal | Mar 2024 | Simplifies loans for renewable energy projects and electric vehicles; promotes eco-friendly financing. |
| Reserve Bank of India | Unified Lending Interface (ULI) | Lending Platform | Mar 2024 | Enables frictionless, end-to-end digital credit using consent-based data for lending institutions. |
| Canara Bank | Canara Digital Gold | Investment Product | Mar 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Mar 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| HDFC Bank | DigiSavings 360 | Digital Savings | Mar 2024 | Fully digital savings account; provides AI-driven financial insights and personalised investment recommendations. |
| ICICI Bank | Smart Home Loan | Home Loan | Mar 2024 | Offers competitive interest rates and flexible repayment options; includes online application process. |
| Axis Bank | Axis Pay Later | BNPL Service | Mar 2024 | Buy Now, Pay Later option for customers; allows flexible payments for purchases made through the bank's platform. |
| Indian Bank | Digital Kisan Credit Card | Credit Card | Mar 2024 | Designed for farmers; offers credit facilities with benefits tailored to agricultural needs. |
| Union Bank of India | UBI Digital Wallet | Digital Wallet | Mar 2024 | Facilitates online transactions and bill payments seamlessly; enhances user convenience. |
| UCO Bank | BHIM UCO UPI App | Digital Payment App | Apr 2024 | Integrated features like UPI Lite auto top-up and UPI Circle; enhances overall customer experience. |
| Bank of Baroda | BHIM Baroda Pay | Mobile Payment App | Apr 2024 | Designed to enhance digital payment capabilities; supports various digital transactions. |
| IndusInd Bank | INDIE Digital Banking App | Digital Banking App | Apr 2024 | Facilitates account opening and transaction processing; personalised nudges for better user experience. |
| State Bank of India (SBI) | YONO SBI Upgrade | Digital Banking Platform | Apr 2024 | Enhanced features for seamless banking and investment services; integrates various financial products. |
| Federal Bank | FedMobile 2.0 | Mobile Banking App | Apr 2024 | Revamped app with improved user interface and additional features for retail banking customers. |
| HDFC Bank | DigiSavings 360 | Digital Savings | Apr 2024 | Fully digital savings account; provides AI-driven financial insights and personalised investment recommendations. |
| Axis Bank | Axis Pay Later | BNPL Service | Apr 2024 | Buy Now, Pay Later option for flexible payments on purchases made through the bank's platform. |
| Canara Bank | Canara Digital Gold | Investment Product | Apr 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Indian Bank | Kisan Credit Card | Credit Card | Apr 2024 | Tailored for farmers; offers credit facilities with benefits specific to agricultural needs. |
| HDFC Bank | DigiGold | Investment Product | May 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| ICICI Bank | Instant Personal Loan | Personal Loan | May 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| Axis Bank | Axis Pay Later | BNPL Service | May 2024 | Buy Now, Pay Later option for flexible payments on purchases made through the bank's platform. |
| State Bank of India (SBI) | YONO SBI Upgrade | Digital Banking Platform | May 2024 | Enhanced features for seamless banking and investment services; integrates various financial products. |
| Canara Bank | Canara Digital Savings Account | Digital Savings | May 2024 | Fully digital savings account with attractive interest rates and easy online management. |
| Union Bank of India | UBI Smart Loan | Personal Loan | May 2024 | Instant loan processing with competitive interest rates; designed for quick financial assistance. |
| Indian Bank | Kisan Credit Card | Credit Card | May 2024 | Tailored for farmers; offers credit facilities with benefits specific to agricultural needs. |
| YES Bank | YES Wealth Management App | Wealth Management App | May 2024 | Provides personalised investment advice and portfolio management tools for affluent customers. |
| Reserve Bank of India | Central Bank Digital Currency (CBDC) | Digital Currency | Jun 2024 | Retail pilot expanded; aims to reduce cash dependency and enhance transaction efficiency. |
| State Bank of India (SBI) | YONO SBI Upgrade | Digital Banking Platform | Jun 2024 | Enhanced features for seamless banking and investment services; integrates various financial products. |
| ICICI Bank | Instant Personal Loan | Personal Loan | Jun 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| HDFC Bank | DigiGold | Investment Product | Jun 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Axis Bank | Axis Pay Later | BNPL Service | Jun 2024 | Buy Now, Pay Later option for flexible payments on purchases made through the bank's platform. |
| Canara Bank | Canara Digital Savings Account | Digital Savings | Jun 2024 | Fully digital savings account with attractive interest rates and easy online management. |
| Union Bank of India | UBI Smart Loan | Personal Loan | Jun 2024 | Instant loan processing with competitive interest rates; designed for quick financial assistance. |
| Indian Bank | Kisan Credit Card | Credit Card | Jun 2024 | Tailored for farmers; offers credit facilities with benefits specific to agricultural needs. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Jun 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| Reserve Bank of India | Unified Lending Interface (ULI) | Lending Platform | July 2024 | Enables frictionless, end-to-end digital credit using consent-based data for lending institutions. |
| HDFC Bank | DigiGold | Investment Product | July 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| ICICI Bank | Instant Personal Loan | Personal Loan | July 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| Axis Bank | Axis Pay Later | BNPL Service | July 2024 | Buy Now, Pay Later option for flexible payments on purchases made through the bank's platform. |
| State Bank of India (SBI) | YONO SBI Enhanced Features | Digital Banking Platform | July 2024 | Improved features for seamless banking and investment services; integrates various financial products. |
| Canara Bank | Canara Digital Savings Account | Digital Savings | July 2024 | Fully digital savings account with attractive interest rates and easy online management. |
| Union Bank of India | UBI Smart Loan | Personal Loan | July 2024 | Instant loan processing with competitive interest rates; designed for quick financial assistance. |
| Indian Bank | Kisan Credit Card | Credit Card | July 2024 | Tailored for farmers; offers credit facilities with benefits specific to agricultural needs. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | July 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| National Payments Corporation of India (NPCI) | Bharat BillPay (BBPS) for Business | Payment Solution | Aug 2024 | Streamlines B2B transactions; automates invoice payment processes; includes purchase order creation and invoice management. |
| National Payments Corporation of India (NPCI) | UPI Circle | Payment Method | Aug 2024 | Allows primary users to delegate payment authority to secondary users; customisable transaction limits. |
| PhonePe | PhonePe PG Bolt | Payment Gateway | Aug 2024 | Faster payment experience with UPI Lite and PIN-less transactions; integrates seamlessly within merchant apps. |
| Zoho | Zoho Payments | Payment Solution | Aug 2024 | Unified payment solution for businesses; includes invoicing, payment collection, and expense management. |
| Mastercard | Payment Passkey Service | Payment Security | Aug 2024 | Enhances transaction security using tokenisation; protects consumer payment details and biometric data. |
| Razorpay | Biometric Card Authentication | Security Feature | Aug 2024 | Utilises fingerprints and facial recognition for identity verification in transactions. |
| Visa | HDFC PoS | Merchant Device | Aug 2024 | Integrates PoS, QR code scanning, and soundbox features for merchants; enhances transaction capabilities. |
| Axis Bank | Neo for Merchants | Merchant App | Aug 2024 | Mobile app for payment acceptance, transaction reporting, and merchant service requests. |
| Paytm | Paytm NFC Card Soundbox | Merchant Device | Aug 2024 | It combines mobile QR payments with card machine functionality and supports card tap and QR code payments. |
| UCO Bank | UDAY AI-Enabled Chatbot | Customer Service | Sept 2024 | Provides 35 services in 5 languages; enhances customer interaction through AI technology. |
| Bank of Baroda | BHIM Baroda Pay | Mobile Payment App | Sept 2024 | Enhances digital payment capabilities for customers; supports UPI transactions and bill payments. |
| IndusInd Bank | INDIE Digital Banking App | Digital Banking App | Sept 2024 | Facilitates account opening and transactions and offers personalised nudges for a better user experience. |
| State Bank of India (SBI) | YONO SBI Enhanced Features | Digital Banking Platform | Sept 2024 | Improved features for seamless banking and investment services, and integration of various financial products. |
| Axis Bank | Payment Passkey Service | Payment Security | Sept 2024 | Aims to replace OTPs with tokenisation for secure online transactions; pilot program with major merchants. |
| HDFC Bank | DigiGold | Investment Product | Sept 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| ICICI Bank | Instant Personal Loan | Personal Loan | Sept 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| Federal Bank | FedMobile 2.0 | Mobile Banking App | Sept 2024 | Revamped app with improved user interface and additional features for retail banking customers. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Sept 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| UCO Bank | UDAY AI-Enabled Chatbot | Customer Service | Oct 2024 | Provides 35 services in 5 languages; enhances customer interaction through AI technology. |
| State Bank of India (SBI) | YONO SBI Enhanced Features | Digital Banking Platform | Oct 2024 | Improved features for seamless banking and investment services integrate various financial products. |
| Bank of Baroda | BHIM Baroda Pay | Mobile Payment App | Oct 2024 | Enhances digital payment capabilities for customers; supports UPI transactions and bill payments. |
| IndusInd Bank | INDIE Digital Banking App | Digital Banking App | Oct 2024 | Facilitates account opening and transactions and offers personalised nudges for a better user experience. |
| ICICI Bank | Instant Personal Loan | Personal Loan | Oct 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| HDFC Bank | DigiGold | Investment Product | Oct 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Federal Bank | FedMobile 3.0 | Mobile Banking App | Oct 2024 | Enhanced user interface with new features for retail banking customers; focuses on user experience. |
| Axis Bank | Payment Passkey Service | Payment Security | Oct 2024 | Aims to replace OTPs with tokenisation for secure online transactions; pilot program with major merchants. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Oct 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| UCO Bank | Project Parivartan | Digital Transformation | Nov 2024 | Aimed at digitising retail assets and liabilities journeys, it plans to roll out 25 new digital journeys by March 2025. |
| State Bank of India (SBI) | YONO SBI Enhanced Features | Digital Banking Platform | Nov 2024 | Further enhancements for seamless banking and investment services; integrate various financial products. |
| Bank of Baroda | BHIM Baroda Pay | Mobile Payment App | Nov 2024 | Enhances digital payment capabilities; supports UPI transactions and bill payments. |
| IndusInd Bank | INDIE Digital Banking App | Digital Banking App | Nov 2024 | Facilitates account opening and transactions and offers personalised nudges for a better user experience. |
| ICICI Bank | Instant Personal Loan | Personal Loan | Nov 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| HDFC Bank | DigiGold | Investment Product | Nov 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Federal Bank | FedMobile 3.0 | Mobile Banking App | Nov 2024 | Enhanced user interface with new features for retail banking customers; focuses on user experience. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Nov 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| Axis Bank | Payment Passkey Service | Payment Security | Nov 2024 | Aims to replace OTPs with tokenisation for secure online transactions; pilot program with major merchants. |
| State Bank of India (SBI) | YONO SBI Enhanced Features | Digital Banking Platform | Dec 2024 | Further enhancements for seamless banking and investment services; integrates various financial products. |
| UCO Bank | UDAY AI-Enabled Chatbot | Customer Service | Dec 2024 | Provides 35 services in 5 languages; enhances customer interaction through AI technology. |
| Bank of Baroda | BHIM Baroda Pay | Mobile Payment App | Dec 2024 | Enhances digital payment capabilities; supports UPI transactions and bill payments. |
| IndusInd Bank | INDIE Digital Banking App | Digital Banking App | Dec 2024 | Facilitates account opening and transactions; offers personalised nudges for a better user experience. |
| ICICI Bank | Instant Personal Loan | Personal Loan | Dec 2024 | Quick approval and disbursal; minimal documentation required for faster access to funds. |
| HDFC Bank | DigiGold | Investment Product | Dec 2024 | Allows customers to invest in gold digitally; offers secure storage and easy liquidity options. |
| Federal Bank | FedMobile 3.0 | Mobile Banking App | Dec 2024 | Enhanced user interface with new features for retail banking customers; focuses on user experience. |
| Punjab National Bank | PNB Insta Credit | Personal Loan | Dec 2024 | Instant credit facility with minimal documentation; designed for quick financial assistance. |
| Axis Bank | Payment Passkey Service | Payment Security | Dec 2024 | Aims to replace OTPs with tokenisation for secure online transactions; pilot program with major merchants. |
| Neobanks (e.g., Niyo, Jupiter) | Various Digital Products | Digital Banking | Dec 2024 | Fully digital services include savings accounts, loans, and wealth management tailored for tech-savvy customers. |
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In December 2024, Indian banks introduced several innovative digital banking services aimed at enhancing customer experience and streamlining operations.
One of the standout offerings was the YONO SBI Enhanced Features from the State Bank of India, which further integrated various financial products into its digital banking platform, making it easier for customers to manage their finances seamlessly.
UCO Bank launched its UDAY AI-Enabled Chatbot, which provides customer service in multiple languages and offers a wide range of banking services, showcasing the growing trend of using artificial intelligence to improve customer interactions.
Advancements in Payment Solutions
Bank of Baroda enhanced its BHIM Baroda Pay mobile payment app, which supports UPI transactions and bill payments, reflecting the ongoing expansion of digital payment capabilities across the banking sector.
Additionally, IndusInd Bank's INDIE Digital Banking App continued to facilitate account management and transactions while providing personalised nudges to improve user engagement.
HDFC Bank's DigiGold service allowed customers to invest in gold digitally, offering secure storage and easy liquidity options, thereby tapping into the growing demand for alternative investment avenues.
Focus on Personal Loans and Security
ICICI Bank's Instant Personal Loan service streamlined the loan approval process with minimal documentation, catering to customers seeking quick financial assistance.
Furthermore, Axis Bank introduced its Payment Passkey Service, aimed at enhancing online transaction security by replacing traditional OTPs with tokenisation methods. This move aligns with the increasing emphasis on cybersecurity in digital banking.
Conclusion
These innovations reflect a broader trend in the Indian banking sector towards leveraging technology to enhance customer experience, improve security, and provide more accessible financial services.
As banks continue to adopt AI-driven solutions and expand their digital offerings, they are well-positioned to meet the evolving needs of their customers in a rapidly changing financial landscape.
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