The Hindu Business Line : Funds transfer via ATM cards likely soon

New Delhi, Oct. 14 Funds transfer through automated teller machines (ATMs) may become a reality this year, leading to a spurt in usage of ATM/debit cards, according to banking industry circles.

The ‘MITR’, an ATM-sharing arrangement between six banks, has decided to provide the funds transfer facility through ATMs from one ATM cardholder’s account to that of another ATM cardholder within the network.

Nominal fee

“This value-added service would come at a nominal transaction fee. All the six banks have in principle agreed and gone to their top management for approval of the charges. After that, the RBI approval would be sought. We expect to provide this facility this year,” an MITR official told Business Line.

Value-added services

About 80 lakh customers use the MITR network, which came into existence on October 8, 2003.

Already, the MITR has started providing value-added services such as ‘mini statements’ and change of ‘Personal Identification Number’ at all ATMs in the MITR network.

Currently, there are 3,154 networked ATMs under MITR.

The six banks that are part of the MITR network are Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), Indian Bank, Karur Vysya Bank, IndusInd Bank and UCO Bank.

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