RDB Bank empower ‘RDB QR’ merchants

The state-owned Regional Development Bank (RDB), since 1985, continues its mission to empower customers across micro, small, medium and middle-scale industries.

The bank has been a key supporter of agriculture, livestock, business, fisheries, industries and tourism sectors, all of which play a significant role in the economic development of the country. RDB has actively encouraged the habit of saving among its customers by offering higher returns on savings and fixed deposits, with a special focus on school children and minors.

These efforts have proven highly successful, resulting in a loyal customer base of over 6 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 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. This initiative has simplified day-to-day banking, making transactions more convenient for merchants without interrupting their business activities.

This success underscores RDB’s commitment to a cashless society, aligning with global trends in digital financial services and continuing to lead the way in supporting economic growth through the SME sector.