Financial Daily from THE HINDU group of publications
Thursday, Dec 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Dec 23, 2004 |
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Money & Banking
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Private Banks IDBI Bank offers card-to-card fund transfer facility Our Bureau
Mr G. V. Nageswara Rao (left), Managing Director & CEO, IDBI Bank, and Mr Uttam Nayak, Deputy Country Manager, Visa, at a press conference in Mumbai on Wednesday.-- Paul Noronha
Mumbai , Dec. 22 IDBI Bank today announced launch of `card to card money transfer', a domestic remittance product, in collaboration with Visa International. The bank's customers can now transfer money from their bank account or Visa card to any other Visa debit or credit card across the country through this product. It is offered free of cost for three months, but a flat charge of about Rs 15 per transaction will be levied later, said Mr G.V. Nageswara Rao, Managing Director and CEO, IDBI Bank. At present, the daily limit for transfer of funds is Rs 25,000 on card-to-card payment. The transaction may take 24 to 36 hours for completion, he said. Henceforth, IDBI Bank customers can use Internet banking, ATMs or branch banking for transferring money across 87 cities across the country. The only information they need to know is the 16-digit account number of the transferee. "Through this product, money can be sent to someone without reference to their geographic location," Mr Rao said, speaking at the launch function. The bank's advances grew by 30 per cent for the period ended November 30, 2004, said Mr Rao. Of its total assets, 45 per cent is the retail portfolio, which consists of home loan corpus of over Rs 4,000 crore, Mr Rao said. The merger of IDBI and IDBI Bank might come into effect by the end of financial year 2004-05, he said. This merger will create an entity with financial assets aggregating Rs 76,000 crore.
More Stories on : Private Banks | Credit Cards & Debit Cards | New Products & Services
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