The Hindu Business Line : Corporation Bank links ATMs to Cashnet

Speaking to newspersons here on Thursday after signing the agreement with Euronet, the Corporation Bank Chairman and Managing Director, Mr Cherian Varghese, said the link-up will provide Corporation Bank customers access close to 3,200 ATMs in the country.

Mr Varghese also said that the additional 410 ATMs, proposed to be added during the course of the year, would also be linked up with Cashnet.

"This arrangement," he clarified, "will not have any impact on the bilateral arrangements."

This implied that customers of banks such as Karnataka Bank, ING Vysya, and IndusInd Bank would not have simultaneous access to the Cashnet network. Only the member banks, which include IDBI Bank, Citibank, Standard Chartered Bank and UTI Bank would enjoy this access, he added.

However, Mr Loney Antony, Managing Director of the Euronet Services, said that efforts were on to add more banks to the network.

By the end of this financial year, at least 4 more public sector banks were to be brought into the network, he added.

Corporation Bank, Mr Varghese said, intended to be part of a larger network and entry into Cashnet was part of that strategy, he added.

Corporation bank is already a part of VISA international network, which gives access to about one million ATMs worldwide.

He said that presently add-on services such as payment of LIC premiums had been facilitated through the ATM network. Efforts were underway to provide more such services.

These include payment of utility bills. One of the many glitches in this effort was that some of the utilities were not equipped with computers and management information systems.

Consequently, customers would be in a position to take advantage of these services only with those utilities that have an extensive computer network, he added.

Cross utilisation of these ATMs would result in earnings for the bank, Mr Varghese said.

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