Mumbai:
Now customers need not visit a bank branch or log on to
internet for transferring money to another account. They
can do it through automated teller machines (ATMs).
Six
Indian have decided to offer fund transfer facility through
ATMs through a shared network - Mitr. Punjab National
Bank (PNB), Indian Bank, Oriental Bank of Commerce (OBC),
Karur Vysya Bank, IndusInd Bank and UCO Bank, are part
of the ATM sharing network, Mitr, with PNB as the settlement
bank. This inter-bank network of 2,600 ATMs will be managed
by FSSNet.
Besides
options for balance enquiry, cash withdrawal and cash
deposit, the main menu of the ATM would now also include
a fund transfer option. The customer can transfer money
by entering details of the account into which funds are
to be moved.
PNB
however, has to seek formal approval from the RBI. The
limit under ''card to card transfers'' will be as specified
by the central bank. At present, cash withdrawals of up
to Rs25,000 are permitted at ATMs.
The
process is expected to be completed in 10-12 weeks.
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