The Evolution of Social Media in Indian Banking - RBI Debuts on Twitter

Social media is evolving as a new way for banks to improve personal branding and interact with customers. social media has the power to garner new business for the banks.Provided that security and regulatory guidelines are taken care of, real-time banking on social media can become yet another effective channel for banks.

ICICI has recently announced ‘icicibankpay’ through social networking site Twitter. This service allows bank’s customer to transfer funds, check account balance, check last few transactions and also recharge their prepaid mobile phones. In October 2014, Kotak Mahindra Bank launched KayPay, a bank agnostic payment product for Facebook users to send money to each other

As part of a major image makeover under the governorship of Raghuram Rajan RBI has taken a small step into social media. Reserve Bank of India will now use Twitter (albeit one way) to send out alerts on the announcements. YouTube will place in public domain the press conferences, interviews of top management, events, such as, town halls and of course, some films aimed at consumer literacy. Twitter handle is @RBI_Official

The social media presence of the RBI will help the central bank reach out to the tech-savvy new generation. While the next monetary policy announcement might break through Twitter, it will only be a one-way communication.

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