The state-owned Regional Development Bank (RDB), with roots tracing back to 1985, continues its mission to empower customers across micro, small, medium, and middle-scale industries.
RDB has actively encouraged the habit of saving among its customers by offering higher returns on savings and fixed deposits.
These efforts have proven highly successful, resulting in a loyal customer base of over six million, 272 service points, and a workforce exceeding 3,000 staff members. For nearly four decades, RDB has played a vital role in the financial growth of the MSME & SME sectors, crucially contributing to the economic progress of the country.
The bank has also been instrumental in promoting financial literacy, discipline, and overall social and economic enhancement within these communities.
Recognising the importance of digital transformation, RDB identified a need to help entrepreneurs, who often lack access to advanced technology or infrastructure, integrate with digital systems. In response, the bank introduced the “RDB QR” facility in December 2021, aimed at enabling MSME & SME businesses to embrace digital payment solutions.
By visiting entrepreneurs at their business locations through its extensive branch network, RDB has successfully implemented the RDB QR system, demonstrating the benefits of digital transactions, including SMS payment notifications.
By October 2024, RDB had successfully onboarded 5,000 merchants to the RDB QR platform, spanning its 272 branches island-wide. This milestone is a significant achievement in RDB’s digital transformation journey, marking a step forward in integrating MSME & SME businesses into a cashless economy.
The RDB QR service is available to merchants who hold accounts with the bank. Customers purchasing goods or services can simply scan a QR code to make payments using any mobile payment app, with funds being directly credited to the merchant’s RDB account.
