Shriram IDFC Merger – 7 Gains to Digital Transactions
The
core belief of Shriram Group revolves around this Mahatma Gandhi Saying: “Create
a company that creates wealth for society and employment, and run it like a
trustee—you are just in charge to create the wealth, not own it”.
Shriram
Transport holds a leadership position in commercial vehicle financing, while
Shriram City Union offers small loans to a large base of customers across
micro, small and medium enterprises in rural and semi-rural areas.
These are
new sunrise areas for Safe Digital Transactions in our country. The following
gains will be visible once the system integration kicks-off.
Gain No 01) All Shriram Group customers will
be encouraged to open Bank accounts with the new entity. Straight through Internal Direct Debit
transactions will be the norm instead of Collections through Cheques/ECS(Debit)/NACH(Dr)
Gain No 02) Truck loan borrowers will be
encouraged to explore digital transaction channels rather than cash based.
Truck owners have their sphere of influence and will be a key component in
spreading the Joy of Safe eTransactions for the new entity. Ziggit Wallet
offered by IDFC Bank can be flagship product for spreading the Joy of Safe
eTransactions.
Gain No 03) Borrowers will be provided with
innovative digital payment options viz; a) Bonus points for on time payment b)
Instant roll over facility of working capital loans c) Quick top-up of existing loans d)
Gain No 04) All customer facing borrower
outlets will be nudged to provide digital collections tools at their outlets
i.e POS Machines/Wallets etc. Bharat QR Code can be the chief collection
digital tool for its Current Account/Overdraft Account/Term Loan retial
outlets.
Gain No 05) The collection for Chit Fund
instalments is still done through physical cheques as the instalment varies
from month to month. An innovative product to digitise Chit Fund collections
will be a wonderful morale-booster to the initial supporters of Shriram Group.
Gain No 06) Loan disbursements can be
instantly credited to the borrowers accounts with the new entity instead of
being routed to accounts held at other banks. This will enable the borrowers to
quickly access the loan amounts with NIL Charges.
Gain No 07) All interest and maturity
payouts of Shriram Group Debentures/Fixed Deposits can be instantly credited to
the customers accounts held with the new entity. This will reduce the TAT and
improve the confidence levels of prospective customers.
Additional Reading Material to
get a feel of Shriram Group beliefs
A) R.
THYAGARAJAN | CREATE A FIRM THAT CREATES WEALTH FOR SOCIETY
B) Ramamurthy
Thyagarajan - Founder
at The Shriram Group Pvt Co.
C) We must
support manufacturing
even if it hurts profits in the short term
D) Interview
with Ajay Piramal, Chairman, Piramal group, and R Thyagarajan, Founder of
Shriram group
E) Associated
with Vysya Bank
F) I AM NOT
AN
ENTREPRENEUR” THE R.THYAGARAJAN STORY
G) Letter
from Mr. R.Thyagrajan
H) Merger
with IDFC not an attempt to enter banking through backdoor:
Shriram Capital’s Ajay Piramal
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