BoB launches Generative AI-powered virtual relationship manager and credit line on UPI
Bank of Baroda (BoB) on Sunday launched a range of digital and technology-led initiatives, including a Generative AI-powered virtual relationship manager (VRM), and credit line on UPI for enhancing payments and banking experience for customers.
BoB said the GenAI-powered VRM, a first-of-its-kind initiative in the Indian banking sector, provides real-time information about the bank’s products and services while also capturing customer requirements for specific banking services.
This VRM, which communicates in multiple languages and is accessible through video, audio, and chat interfaces, will fulfil everyday basic banking services, including account statements, cheque book requests, debit card requests, interest certificates, and more. It will be released to customers in phases.
BoB, which launched 11 products and services on the occasion of its 117th foundation day, said it has enabled the credit line on UPI feature. To begin with, the bank will enable this feature on Baroda Kisan Credit Card (BKCC) for customers.
BKCC customers can seamlessly access a pre-sanctioned credit line on UPI. They can link their KCC account to UPI and make specific merchant payments using the credit line provided. Payments made to the credit line on UPI will be counted as repayment towards the utilised limit.
The bank said it has integrated BKCC with the Reserve Bank Innovation Hub’s (RBIH) Public Tech Platform for frictionless credit, to fetch digital land records and farm-related information, and to implement Digital BKCC.
This is a fully digital process, from customer onboarding to loan account opening and disbursement. The project is initially being implemented in Madhya Pradesh.