Business Daily from THE HINDU group of publications
Sunday, Dec 24, 2006
ePaper
Business Daily from THE HINDU group of publications Sunday, Dec 24, 2006 ePaper |
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Money & Banking
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Alliances & Joint Ventures
Our Bureau
BANK TIE-UP: Mr. S.C. Gupta (left), Chairman and Managing Director, Punjab National Bank, exchanging documents after signing an agreement with Mr. B.K. Sreshtha, Chairman , Everest Bank Ltd, Nepal, in the Capital on Saturday. — Kamal Narang
New Delhi , Dec. 23 Punjab National Bank (PNB) on Saturday entered into an ATM sharing arrangement with the Everest Bank of Nepal, enabling customers of both the banks to access each other's ATM network at what is being described as a "reasonable" cost. High capital expenditure and recurring maintenance expenses are compelling banks to share Automated Teller Machines (ATM) network so that their customers can use ATMs of other banks also at a reasonable cost. PNB is already sharing its 870 ATMs under various ATM sharing arrangements, but these arrangements are within India. The tie-up with Everest Bank is hailed as the first cross-border ATM sharing arrangement entered into by any bank in India. For the first time in India, a bank would use domestic network for transaction sharing with a foreign bank. Chennai-based company Financial Software Solutions and Smart Choice Technology, a switch vendor in Nepal, are providing the cross-country ATM sharing solution. PNB, which has about 3.5 crore customers, plans to increase its ATM network to 1,100 by March-end next year. As per the MoU with Everest Bank, the 870 ATMs of PNB would be available to cardholders of Everest Bank and other Nepalese banks. Similarly, cardholders of PNB would be able to use ATMs of participating banks in Nepal.
Transaction charges
Under the arrangement, ATM transaction charges payable by PNB's ATM/Debit cardholders would be Rs 50 for each cash withdrawal from their accounts from ATMs of participating banks in Nepal. Currently, PNB debit cardholders can use ATMs of banks abroad (having arrangements with MasterCard) by paying Rs 150 for each cash withdrawal. "PNB is keen to increase the convenience of public and our customers. This tie-up will particularly benefit business community and tourists while travelling across border. To either side", Mr S. C. Gupta, Chairman and Managing Director, PNB said at the MoU signing ceremony with Everest Bank here on Saturday.
More Stories on : Alliances & Joint Ventures | Public Sector Banks | Punjab National Bank
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