Corporation Bank launches money transfer through ATMs

Corporation Bank launches money transfer through ATMs

: The way in which banks expand functions available at their automated teller machines is going through a major shift if one goes by the example being set by Corporation Bank. The Mangalore-based bank has enabled National Electronic Funds Transfer (NEFT) through the network of their over 1,000 ATMs across the country. The regional director, Reserve Bank of India, Devaki Muthukrishnan, formally launched the product in Bangalore, recently.

The general manager, Corporation Bank (Information Technology), B.R. Bhat, says the bank is the first public sector bank to launch this facility through delivery channels, ATMs. Using this, a “CorpBank” debit cardholder can remit money in two hours. The advantage of NEFT is its inter-operability between banks as the funds can be transferred to the recipients’ accounts of any bank, Mr. Bhat says.

Now, over 43,000 branches of scheduled commercial banks in the country have the NEFT facility. To avail this facility, bank’s customers need to pre-register the beneficiaries to whom fund transfers are envisaged. They should furnish requisite details at the branches concerned. Once registered, they need not visit the branch to submit NEFT funds transfer request.

Operation at ATM has been made user friendly. The cardholder is not required to remember any IFSC codes of the bank’s branches nor the beneficiary’s account details. The cardholder can walk into any of the bank’s ATMs and submit the NEFT request. Funds transfer transaction under this facility will be available during the currency of NEFT clearing window and is open from 7 a.m. to 3.45 p.m. The cardholder can transfer a maximum of Rs. 15,000 a day.

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Extracted from The Hindu dated 21/04/2008