Digital and Financial Products Launched by Indian Banks in 2024

In 2024, Indian banks launched several innovative digital products to enhance customer convenience and promote financial inclusion.

HDFC Bank has launched Pragati Savings Account, specially designed for rural and semi-urban population, especially farmers. The account offers tailor-made solutions including savings options, credit support and digital banking tools.

ICICI Bank has launched InstaWealth app to help millennials manage their wealth through real-time financial planning tools and smarter investment options.

SBI’s Green Loan Portal facilitates eco-friendly financing by streamlining the loan process for renewable energy projects and electric vehicles.

In this article, we 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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Advances in payment solutions

Bank of Baroda has enhanced its BHIM Baroda Pay mobile payments app that supports UPI transactions and bill payments, reflecting the expanding digital payments capabilities across the banking industry.

Additionally, IndusInd Bank’s INDIE digital banking app continues to facilitate account management and transactions while providing personalized tips to increase user engagement.

HDFC Bank’s DigiGold service allows customers to invest in gold digitally, providing secure storage and easy liquidity options, thereby meeting the growing demand for alternative investment avenues.

Focus on personal loans and security

ICICI Bank’s instant personal loan facility simplifies the loan approval process with minimal documentation, catering to the needs of customers looking for quick financial assistance.

Additionally, Axis Bank has launched a payment crypto service that aims to enhance online transaction security by replacing traditional OTPs with tokenization methods. The move is in line with the growing emphasis on cybersecurity in digital banking.