Daijiworld Media Network – Mangalore
Mangalore, Apr 16: Corporation Bank's National Electronic Funds Transfer (NEFT) through ATMs was formally launched on Tuesday April 15 by Devaki Muthukrishnan, regional director, Reserve Bank of India at Bangalore, stated a press release from the Bank's corporate office here.
According to the release Corporation Bank is the first public sector bank to launch this unique facility through delivery channel ATMs. The facility caters to the personal needs of individual debit card-holders specially the savings bank customers. The facility would enable the CorpBank debit cardholders to remit the required amount within two hours.
Devaki Muthukrishnan, regional director, Reserve Bank of India launching NEFT facility through ATM by Corporation Bank. Also seen in the photograph are B Sambamurthy, chairman and managing director, B R Bhat and K P Rao, general managers of the Bank
The greatest advantage of NEFT is its inter-operability between banks as the funds can be transferred to the beneficiaries' accounts of any bank. Presently, over 43,000 branches of the scheduled commercial banks in India are having the facility of NEFT. With this facility, especially the parents who hold CorpBank debit cards can now remit money to their wards across the country almost instantaneously, added the release.
The release further stated that to avail this facility CorpBank customers need to pre-register the beneficiaries to whom fund transfers are envisaged furnishing the required details at the branches concerned. Once registered, the customers need not have to visit the branch to submit NEFT funds transfer request and these beneficiary details will be displayed in the ATMs. Operation at ATM is also very easy as the cardholder need not have to remember any IFSC codes of the bank's branches nor the beneficiary's account details to whom he needs to remit the money every time when he wants to transact.
According to the release the cardholder may just walk into any of the bank's ATMs and submit the NEFT request choosing the beneficiary and specifying the amount of the transaction without the use of any paper application form. Funds transfer transaction under this facility will be available during the currency of NEFT clearing window and is open from 7 am to 3.45 pm. The cardholder can transfer up to a maximum of Rs 15,000 only per day.
Moreover the press release stated that the Bank has been in the forefront of technology adoption over the years and has taken several initiatives to harness technology for routine operations. Bank has initiated various measures to popularize the use of alternative delivery channels to impart the requisite convenience and provide comfort to the customers and to relieve the operational stress and rush attributable to over-the counter and paper-based counter transactions. Corporation Bank has leveraged technology to provide many 'firsts' to its customers like online educational loan for professional courses, first public sector Bank to have all the branches under Core Banking Solutions, SMS-based Pay-by-Mobile services etc.