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Tuesday, December 24, 2013

Canara Bank rolls out ATM cards for joint account holders

Canara Bank has launched a payment product, whereby each joint accountholder will be issued an ATM-cum-debit card. The new service, launched by R.K. Dubey, Chairman and Managing Director, Canara Bank, is enabled for all accounts operated by two joint accountholders.

While one accountholder is designated as ‘primary’, the other will be ‘secondary’.

A transaction is initiated by the primary cardholder by inserting the card in the ATM and keying in the PIN. The transaction is authorised only after validation by the secondary cardholder, using the card and PIN issued.

The ATM-cum-debit cards can be used only for ATM cash withdrawal. The card is valid for domestic use on Canara Bank ATMs only.

The bank has also launched ‘Kiosk Banking through Akshaya Centres’ in Kerala.

As mandated by the Department of Financial Services (Government of India), every sub-service area of 1,500 households has to be covered by a banking channel.

Canara Bank
has tied up with Akshaya State Mission to launch this service in about 92 Akshaya Centres, State-wide. Using this facility, customers can open an account, deposit and withdraw cash at Akshaya Centres itself and need not visit the bank branch.

Source: thehindubusinessline


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