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CanBank launches Internet banking

July 25, 2003 14:03 IST

Canara Bank on Friday launched Internet and mobile banking services covering 300 select branches spread across six cities in the initial phase and said it is in talks with five or six banks for ATM sharing.

Inaugurating the IMB products, the bank chairman and managing director R V Shastri said Internet banking would be provided to both retail and corporate segments at Bangalore, Mumbai, Chennai, New Delhi, Hyderabad and Kolkata.

Facilities offered in the services include deposit and loan account viewing and access to last six months' data, request for issue of cheque books, renewal of deposits, change in mailing address, corporate administration and loan/deposit modelling.

SMS and WAP banking offered under mobile banking included balance enquiry, details of last five transactions, change of passwords and others, the bank officials said.

In phase two of IMB, facilities would be extended to cover funds transfer, utility bill payments and other financial services, Shastri said.

With a network of 261 ATMs, the bank planned to tie-up with five or six banks for ATM sharing, allowing access to ATM holders among them, he said, adding, this would give access to 800 ATMs and help in curtailing unnecessary expenditure.

The bank, Shastri said, had computerised 75 per cent of its branches and in 15 months from now, all the branches would be covered.

Presently, Canara Bank has 25 million customers and plans to increase it by 10 per cent annually, he said. The bank also plans to introduce the debit card during the year, he said.

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