Our Bureau

Canara Bank, a public sector bank, has announced the launch of forex remittance through internet banking through a new tech product – FX4U.

“This product enables internet banking users to handle forex transactions seamlessly. Presently, the outward remittances module is activated, and the remaining modules will be activated soon,” the bank said in a release.

With the introduction of this facility, all eligible individual customers can undertake remittance facilities as per FEMA regulations. Corporate customers can make and submit LC applications along with documents through internet banking (IB) once the LC module is activated.

Transactions submitted through IBwill flow seamlessly to CPCFT (Centralised Process Centre – Forex Transactions), wherein compliance and accounting will be done and transmitted through SWIFT.

Launching the product, LV Prabhakar, the bank’s MD and CEO, said the bank has taken several initiatives to centralise the business process activities such as account opening, retail loan products and forex transactions, keeping in mind the growing needs of customers for ease of business, standardise the service quality and reduce TOT.

He further added that it is his ardent desire to bring more products of the bank to digital platforms.

Prabhakar also inaugurated new and spacious premises of Agra Circle, and wished that circle will be able to tap all the business potentials in the region and support economic growth of the area.

comment COMMENT NOW