Bank of India Announces 4 Major Launches, Strengthening Its Innovation Edge

Bank of India, one of India’s leading public sector banks reinforced its commitment to digital innovation and customer-centric solutions with the launch of four breakthrough products and initiatives aimed at enhancing security, convenience, and inclusivity in banking. The launches were unveiled during the Global Fintech Fest (GFF) 2025, where the Bank made a strong impression with its engaging and interactive booth.

The Bank’s booth was inaugurated by Dr. Arjun Deore, IFS, Regional Passport Officer & Head, MEA Branch, Mumbai, in the presence of Shri Rajneesh Karnatak, MD & CEO, and senior leadership of the Bank. Dr. Deore commended the Bank’s leadership in driving digital innovation and introducing cutting-edge solutions relevant to today’s evolving financial landscape.

Among the key launches was a Proof-of-Concept (PoC) solution designed to prevent fraudsters from registering on mobile banking applications through social engineering or fraudulent calls. The PoC was inaugurated by Shri Atul Kumar Goel, CE, IBA, who described the initiative as a potential game changer for the banking sector, addressing one of its most critical cybersecurity challenges.

The Bank also introduced NPCI’s biometric-based UPI transactions for small-value payments via mobile phones. This solution simplifies the user journey by mitigating UPI PIN fatigue and reducing transaction time by up to 20%, thereby improving the overall payment experience.

Further, the Bank unveiled two new premium credit card offerings in partnership with RuPay—

• Celestia, a premium credit card designed for high-value customers, offering benefits worth up to ₹1.5 lakh.
• Lakshmi Credit Card, a special card curated exclusively for women customers, offering a differentiated and empowering experience.

In line with its focus on financial inclusion, Bank of India also signed an MoU with PayNearby Technologies to avail business correspondent services under the Digital Naari Initiative. The MoU was exchanged in the presence of Shri Atul Kumar Goel, Shri Rajneesh Karnatak, Shri Subrat Kumar, Shri Rajeev Mishra, Shri Ashok Pathak, and Mr. Anand Bajaj. This partnership aims to empower hardworking women across rural and urban India, supporting the Government of India’s vision of inclusive and accessible banking.

RBI Deputy Governor Unveils 3 Groundbreaking Digital Payment Innovations at Global Fintech Fest 2025

1. UPI Multi-Signatory
2. Small Value Transactions using Wearable Glasses via UPI Lite and
3. Forex on Bharat Connect

The Reserve Bank of India Deputy Governor Shri T. Rabi Sankar, announced the launch of three key digital payment innovations at the Global Fintech Fest 2025. The new offerings are ‘UPI Multi-Signatory’, ‘Small Value Transactions using Wearable Glasses via UPI Lite’ and ‘Forex on Bharat Connect’.

UPI Multi-Signatory 

The RBI Deputy Governor announced the launch of the Multi-Signatory Accounts feature on UPI to enables multi-signatory/ joint accounts on UPI that require authorisation from one or more signatories to perform UPI payments seamlessly. Signatories can conveniently use a any UPI app to manage linked bank accounts, making the process more convenient, hassle free and enhancing transaction speed. This feature is fully interoperable, allowing initiators to use any UPI or bank apps, while signatories can approve via any UPI or bank app. By eliminating the delays, it improves efficiency and creates complete transparency through digital records of approvals and payments.

This is the first time UPI is extending approval-based payment capabilities to joint/ multi-signatory account holders. Corporates, MSMEs, start-ups, trusts, and joint account holders can now use UPI for vendor payments, recurring payments, reimbursements, etc. that require authorisation from one or more users/ signatories.

Small Value Transactions Using Wearable Glasses via UPI Lite 

The RBI Deputy Governor also announced the launch of ‘Small Value Transactions using Wearable Glasses via UPI Lite’. UPI Lite is designed for small-value, high-frequency payments with enhanced success rates and minimal dependency on core banking infrastructure. With this integration, users can complete hands-free and secure transactions by simply scanning a QR, authenticate and complete payments through voice on Smart Glasses, without needing a phone or entering a PIN. The solution is aimed at everyday payments such as retail, food, and transit, encouraging greater digital payment penetration. This feature addresses customers’ growing demand for seamless, frictionless payments that integrate effortlessly into their always-connected, on-the-go digital lifestyle. This launch marks the first time UPI is extended to the wearable ecosystem, representing a step towards ‘ambient payments’ by enabling seamless digital payments. It also benefits banks and PSPs by reducing core banking system load through off-CBS wallet execution. Embedding UPI Lite on Smart Glasses enhances convenience for consumers and strengthens India’s leadership in digital payment innovation globally.

Forex on Bharat Connect

The event also featured the launch of linkage of FX Retail Platform with Bharat Connect, enabling retail customers to access foreign currency (USD) through their preferred payment/banking apps integrated with the Bharat Connect (BBPS) platform.

The product, launched by NPCI Bharat BillPay Ltd. (NBBL) in collaboration with the Clearing Corporation of India Limited (CCIL) and under the guidance of the Reserve Bank of India (RBI), ensures transparent pricing with real-time, competitive rates sourced from the CCIL-managed FX-Retail platform. Customers can seamlessly buy USD for three delivery modes – Currency notes, Forex Card Load or Outward Remittance and fulfill digitally on Bank’s platform or visit a Bank Branch post purchase of forex.

This integration allows individual customers of participating Authorised Dealer Category-I which are Axis Bank, Federal bank, ICICI Bank, State Bank of India and Yes Bank to register, view ‘Best Price’ in real time, and complete purchase of US Dollars digitally. It enhances convenience, security, and transparency for customers while addressing long-standing challenges such as physical documentation, inconsistent markup pricing, prolonged processing times, and long banking queues. The collaboration between NBBL, CCIL, banks and select apps is a step forward in expanding access to regulated forex services, promoting financial inclusion, and strengthening India’s digital payments ecosystem.

Sound-based PaymentTech Co. ToneTag Launches Payments through Connected Cars and Conversational Payments

ToneTag breaks new grounds in Fintech: Connected car payments and Conversational payments on UPI take center stage

ToneTag, India's fastest-growing wireless sound-based payment service provider, launched two groundbreaking technologies simultaneously at the Global Fintech Fest 2023. These innovations are poised to redefine digital payments and offer unparalleled convenience on a global scale.

ToneTag, renowned for its pioneering work in the fintech sector, continues to set new benchmarks in technological innovation. The company proudly presents its dual technological advancements as follows:

Payments through Connected Cars: Transforming the Way We Pay

ToneTag has unveiled a revolutionary solution for connected cars, setting a new standard in seamless transactions. Users can now make UPI payments directly from their car's infotainment system, eliminating the need for smartphones or wallets during transactions. ToneTag proudly stands as the world's first company to enable UPI payments through car infotainment systems, marking a significant milestone in the world of fintech.

This innovative technology is poised to redefine how payments are made, offering unparalleled convenience to connected car users. Whether it's fueling up at the gas station, paying tolls, or settling utility bills, ToneTag's solution streamlines the entire payment process, enhancing the overall journey for users.

Conversational Payments on UPI: Pay with Just Your Voice

ToneTag is excited to announce its partnership with NPCI to introduce Conversational Payments on UPI. This groundbreaking service allows users to make UPI payments using nothing but their voice. Whether it's transferring funds, settling mobile bills, paying for electricity or piped gas, or even booking LPG gas cylinders, it's now as simple as speaking.

Currently available in Hindi and English, ToneTag's Conversational Payments will soon be accessible in many regional languages. The technology is built on five robust pillars: Acoustics, language understanding, text-to-number conversion for seamless transactions, binary intent comprehension for precise actions, and text-to-speech capabilities for effortless communication.

ToneTag's simultaneous introduction of these two groundbreaking technologies represents a quantum leap forward in the fintech landscape. By simplifying and enhancing digital payments, the company envisions a future where cashless transactions are universally accessible and user-friendly.

About ToneTag:

Operating at the intersection of technology and customer-focused innovation, ToneTag is a global technology solutions provider. It offers sound-based contactless payments, location- based services, and proximity-based customer engagement services, amongst others. Since its inception in 2013, ToneTag has filed 13 global patents for a variety of exciting use cases in the payments ecosystem and the offline retail space and has touched the lives of its over 50 million global consumers. Evolving from a need to create more accessible and hardware-agnostic payment systems, ToneTag is the first company to have enabled contactless payment acceptance on Electronic Data Capture (EDC) machines using sound.

ToneTag enables cashless, digital payments from cards and e-wallets from feature phones without the use of the internet, meaning that it operates with minimal to zero hardware dependency. The technology can enable payments through any device – laptops, PCs, tablets, EDCs, mPOS, smartphones, and so on. Its SDK can be used for online and offline retail, paying for parking, toll, buses, or for making in-flight payments. This combination allows customers from all walks of life to enjoy a seamless payment process that is as convenient, frictionless, and interoperable as the use of cash – a consequence of the company’s vision to improve the quality of life globally through inventing experiences and technology Innovation.

Global Fintech Fest 2023 Set to Emerge as World’s Largest Thought Leadership Platform

The Global Fintech Fest (GFF), emerging as the world’s largest fintech conference, is back with its second physical edition. GFF 2023 is scheduled on September 5 – 7, 2023, at the Jio World Convention Centre, Mumbai. The theme of this year’s conference is ‘Global Collaboration for a Responsible Financial Ecosystem: Inclusive | Resilient | Sustainable’.

GFF 2023 is supported by the Ministry of Electronics and Information Technology (MietY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and is organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).

Among the leading international agencies which are partnering with GFF 2023 are the World Bank, the Global Knowledge Partnership on Migration and Development (KNOMAD), the Consultative Group to Assist the Poor (CGAP), and Women’s World Banking. Australia, Brazil, Great Britain, Germany and Israel are the Country Partners of GFF 2023.

Among stalwarts from India who will share their insights at the GFF 2023 are Smt. Nirmala Sitharaman, Minister of Finance, Government of India; Shri Piyush Goyal, Minister for Commerce and Industry, Textiles and Consumer Affairs, Food and Public Distribution, Government of India; Shri Shaktikanta Das, Governor, Reserve Bank of India; Smt. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India (SEBI); Shri Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India (IRDAI); Shri K Rajaraman, Chairperson, International Financial Services Centre Authority (IFSCA); Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, Government of India, Shri Dinesh Kumar Khara, Chairman, State Bank of India Mr. Vijay Shekhar Sharma Founder & CEO, Paytm; Mr. Kunal shah Founder, CRED and many other policymakers, regulators and industry captains.

Not only from India, global luminaries from the fintech and finance ecosystem will also converge at GFF 2023. Among them will be: Mr. Maha Prasad Adhikari, Governor, Nepal Rastra Bank; Dr. Maxwell Opoku-Afari, First Deputy Governor, Bank of Ghana; Soraya M Hakuziyaremye Board, Vice-Chairperson and Deputy Governor, National Bank of Rwanda; Mr. Aleksi Grym, Head of Fintech, Bank of Finland; Mr. Eduardo Enrique Torres Llosa Villacorta, General Manager, Central Bank of Peru; H.E. Khaled Al Basias, Director Financial Sector Development, Saudi Central Bank; Ms. Doris Dietze, Head of Division, Federal Ministry of Finance, Germany; Mr. Masaki Bessho, Head of FinTech Centre, Payment & Settlement Systems Department, Bank of Japan; Mr. Andy White, Chief Executive Officer, Australian Payments Network (AusPayNet) and Mr. Thomas Kurian, Chief Executive Officer, Google Cloud.

Highlights of Global Fintech Festival 2023:

3 days | 13 tracks | 800+ Speakers | 15+ Thought Leadership Reports |81 Academic Papers| 50+ Workshops | 125+ Countries | 250+ Sessions | 250+ Investors |500+ exhibitors |150K Sq. Ft Exhibition Area|3 Hackathons| 50000+ Delegates

Explaining the key objective and vision of GFF 2023, Mr. Kris Gopalakrishnan, Chair, Advisory Board, GFF 2023, Chairman Axilor Ventures and Co-founder Infosys, said, “At the Global Fintech Fest 2023, we converge as orchestrators of transformation, bringing together diverse stakeholders onto one platform to engage in discussions and debates concerning the future of the industry. Our vision extends further than just embracing innovation; it encompasses nurturing ingenuity within our startup community, cultivating an environment where every stakeholder can flourish and be part of a journey towards building an ecosystem that fosters growth, inclusivity, and collaborative progress.”

“The Global Fintech Fest has been a testament to the fintech community's prowess, showcasing success stories and milestones that inspire us all. Our commitment to promoting collaboration, innovation, and growth has never been stronger. Through this platform, we invite industry leaders, startups, and investors to seize networking opportunities and forge partnerships that will define the future of finance. Together, we will embrace cutting-edge technologies, data privacy and cybersecurity as the cornerstones of trust in our evolving landscape," said Ms. Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI).

Mr. G Padmanabhan, Former Executive Director, Reserve Bank of India, Former Chairman, Bank of India and Advisory Board Member, Global Fintech Fest 2023, underlined how the conference was aligned with India’s economic progress: “Global Fintech Fest 2023 is going to be the most vibrant celebration of the industry’s exponential growth. We aim to create more than just a fintech engine and the event is expected to architect a powerhouse that would propel India towards a $30 trillion developed economy by 2047. In this endeavour, we are committed to establishing a sustainable, inclusive, and affordable ecosystem that serves as the destination of first choice for foreign capital to invest and participate in India's transformation into a developed nation”

"The fest since its inception has been showcasing breakthroughs and fostering connections that transcend boundaries. In an era where partnerships drive prosperity, this gathering empowers us to pioneer solutions that navigate regulatory complexities, ensuring a nurturing environment for fintech's growth. As we celebrate women in fintech, in GFF 2023, we acknowledge their pivotal role and strive to amplify their influence. The fest's interactive workshops offer a first-hand glimpse into fintech's dynamic landscape, where technology is not just a tool, but a transformative force. We honour exceptional contributions, driving our industry forward, and emphasize that data privacy, cybersecurity, and trust aren't just buzzwords – they're the foundations of fintech's future," said Mr. Srinivas Jain, Executive Director & Head of Strategy, SBI Mutual Fund and Advisory Board Member, Global Fintech Fest 2023.

Mr. Naveen Surya, Organiser and Advisory Board Member, GFF 2023 and Chairman, Fintech Convergence Council said, "India has proven its leadership in the international fintech landscape by being the 3rd largest ecosystem in the world. As our country gears up to move up to the largest top three economies, the fintech ecosystem would also play an important role and is all geared up for global leadership. Global Fintech Fest 2023 is our effort towards setting up India as the largest thought leadership platform and collaborating with the world and also fostering responsible innovation. We are looking forward to working with the global fintech ecosystem and delivering a future-proof model suitable for the two third of the financially excluded population across the globe."

While PricewaterhouseCoopers (PwC) is the Knowledge Partner of GFF 2023, the Boston Consulting Group (BCG) is the thought leadership partner.

Global Fintech Fest 2023 will witness policymakers, regulators, administrators, and industry leaders from India and around the world engaging in invigorating discussions on fostering extensive collaboration for a robust and resilient financial ecosystem.

Also instituted under the GFF 2023 are the Global Fintech Awards (GFA), which honour and celebrate the success of fintech companies worldwide. GFA recognize outstanding emerging start-ups, disruptive technologies, unique business models and innovative founders and entrepreneurs across the globe. Fintech companies, financial institutions and start-ups can nominate their works for Fintech Awards in 21 diverse subcategories under 3 classifications.

For more information on the conference, live agenda and list of speakers visit the website: Global Fintech Fest 2023