Industry

Indian Bank to work on cardless cash withdrawal system

Indian Bank

Indian Bank   | Photo Credit: N. Rajesh

Public sector lender Indian Bank will start working on system under which customers can withdraw cash without using a debit card, according to a top official.

Indian Bank would start working on the system, with interoperability facility, soon after the National Payments Corporation of India comes out with a specifications.

“In all probability, it would happen by June 2020,” said S. Rengarajan, general manager (digital banking) Indian Bank. “When we offer this service, it should be interoperable. Customers of any bank can use our system for cash withdrawal and vice versa. Currently, the system is limited only to cash deposits.”

“Right now, two banks are offering this facility,” said M.K. Bhattacharya, executive director, Indian Bank. “State Bank is offering this facility through its Yono website and Bank of India, via QR code for their own ATMs, in a limited manner,” he said.

On Friday, the bank in association with Loylty Rewardz Mngt Pvt. Ltd., launched a loyalty programme called ‘Ind Advantage,’ wherein Indian Bank customers would earn rewards for using debit card, internet and mobile banking facilities. The rewards can be redeemed for merchandise tickets, recharge coupons etc. on the programme’s website www.inadvantage.com or at stores.

To a question, Mr. Bhattacharya said the new programme, which carried multiple benefits, would be extended to credit card customers too. He also said that the bank was adding one lakh customers to its debit card portfolio every month and it was set to rise by 10% due to the new initiative.

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Printable version | Sep 23, 2020 2:47:16 AM | https://www.thehindu.com/business/Industry/indian-bank-to-work-on-cardless-cash-withdrawal-system/article29410840.ece

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