The Hindu Business Line : Central Bank launches SMS alert service

Mumbai, July 1 Central Bank of India on Wednesday launched an SMS alert facility for all its savings account holders for transactions of Rs 5,000 or more. The facility will be available at all the 1,200 core banking branches.

The service is being offered free of cost.

Speaking at the launch, Mr S. Sridhar, Chairman and Managing Director, Central Bank, said this is part of the bank’s offering of ‘convenience products’ for customers.

Apart from alerts of credit or debit transactions, the bank will alert the customer when cheques issued are dishonoured for want of funds and when the balance in the account falls below the minimum balance to be maintained.

The bank is also working on offering mobile banking and has applied for a licence. The bank is also planning to upgrade its branches to attract more customers. In the first phase, about 25 branches will be upgraded and another 75 in the second phase.

In the first quarter, credit growth was not as expected, Mr Sridhar said. “While there have been lot of commitments, drawals have been lower,” he said.

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