Corporation Bank to launch NEFT through ATMs

Wednesday, April 16, 2008, 19:34 [IST]

Kolkata, Apr 16 (UNI) Corporation Bank became the first Public Sector Bank to launch National Electronic Funds Transfer (NEFT) through ATMs.

The service was formally launched today by Reserve Bank of India Regional Director Devaki Muthukrishnan at Bangalore.

The company said the facility would cater to the personal needs of individual debit cardholders, especially Savings Bank customers and would enable them to remit the required amounts within two hours.

Presently, 43,000 branches of Scheduled Commercial banks in India have NEFT facility.

CorpBank customers need to pre-register the beneficiaries and maximum of Rs 15,000 can be transferred in a single day.

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