Recently, the Indian Bank ran a successful campaign to highlight the importance of deposit collection in contemporary banking as well as digital mobilization. The significance of deposit mobilization—the process by which financial institutions collect public funds via a variety of channels, such as savings, current accounts, fixed deposit accounts, and specialized financial schemes—was highlighted by this event. Deposit mobilization is a crucial bank function that serves as the main source of funding for lending activities.

Shri Mahesh Kumar Bajaj, Executive Director of Indian Bank, launched the campaign and emphasized how digital innovation can improve customer satisfaction and banking efficiency. Indian Bank’s commitment to developing digital solutions that streamline financial transactions and boost public involvement in banking was highlighted by the event.

Mr. Bajaj Said, “Indian Bank, the country’s seventh-largest public sector bank, is expanding its customer outreach and digital services. Our two initiatives, Run to Reach and Connect and Conquer, are aimed at increasing CASA deposits and reestablishing contact with past clients. The goal of these efforts is to actively engage customers to achieve notable growth by March”.

Recently, the bank registered a large number of new current and monthly savings accounts and opened 5,661 savings accounts worth Rs 150 crores. They provided loans totaling more than Rs 171 crores on the lending side.

“The INDSMART Mobile Banking app, an omnichannel platform with over 220 features that provides internet and mobile banking services, is the next step in our digital journey. By December, we will also be launching a relationship manager app and a corporate mobile banking app, which will allow managers to provide services to clients directly. This strategy highlights Indian Bank’s dedication to providing all clients with improved service and accessibility around-the-clock” said Mr. Bajaj.

The bank’s dedication to using technology to support sound financial practices and the significance of public participation in the bank’s activities were both emphasized by Shri Bajaj’s attendance.

Priyanka Dutta