The Hindu : Karnataka / Bangalore News : Smart cards, ATMs for co-op banks

Online edition of India's National Newspaper
Saturday, Sep 22, 2007
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Karnataka

Karnataka - Bangalore

Smart cards, ATMs for co-op banks

M. Raghuram

BANGALORE: The ATM card, it appears, is no longer the exclusive privilege of the city slicker’s wallet. The days are not far when the customers of the co-operative sector will have them too.

If things go according to the plans of the State Co-operative Apex Bank, over 12 lakh customers of co-operative banks in four districts in the State will have their own ATM cards by November. And the Karnataka State Co-operative Apex Bank headquartered in Chamarajpet in Bangalore is delighted.

The co-operative banks in different districts in the State will shortly have their own ATMs. This follows the success of ATM in Mangalore, at the South Canara District Central Co-operative Bank, which was set up on an experimental basis eight years ago. The directors of the Apex bank have now gone into a huddle to decide which districts will get the ATMs.

Profitability

Though the ATM revolution in the co-operative sector might not happen overnight, its profitability is a parameter that cannot be ignored, says the Chairman of the bank M.N. Rajendra Kumar.

The Apex bank can finance the district banks but the operations and maintenance of the ATMs and the air-conditioned cubicles will have to be looked after by the individual banks, he added. “The ATM is a highly proficient machine and needs timely and regular caliberation and upkeep.”

Facility

The plastic money revolution in the co-operative sector might not stop at that, as the bank also plans to introduce the smart card element in the ATM card. Mr Kumar said the debit card facility might not be practicable for the co-operative sector but officials are looking at the option too.

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