NEWS & ADVICE : CREDIT CARDS
Syndicate Bank to commence a Smart Card Project
By Ankit Sharma
Oct 24, 2008
Print    Email    RSS   

State-run, Syndicate bank is on its way to expand financial inclusion project in the state of Karnataka. The bank has decided to take on the electronic way by launching a smart card based project in three districts of north Karnataka.

The project is likely to be launched on October 22nd by the Chief Secretary of the state government, Sudhakar Rao. State Bank of India and Canara Bank are two other banks that are going to execute this project along with Syndicate Bank. This project aims to take banking facilities to the doors of 3 lakh farmers in the state.

Smart card project is a partof financial inclusion whereby Syndicate Bank will employ people who will go to rural areas and conduct all banking transactions through a hand-held device at the doors of farmers, said the Chairman and Managing Director of Syndicate Bank, George Joseph.

Joseph said, "To begin with, we are launching this project in three districts of Chitradurga, Bellary and Bagalkot in coordination with two other banks and government of Karnataka. The smart card will enable farmers to avail government pension, social security payments, National Rural Employment Guaranteee Programme (NREGP) payments, and wages among others. The project will cover the entire state in phased manner."

Syndicate Bank is implementing the project on financial inclusion solutions based on iMFAST (Integra's Mobile Financial Applications Secure Terminal) system, a service by Bangalore-based Integra Micro Systems (P) Ltd.

iMFAST is a platform designed to handle financial applications specifically targeted at rural customers. It offers all the advantages of portable terminal to handle transactions in the field, smart cards at the hands of farmers and hand-held device to read the card, backed software for authentication, transaction handling in online mode and connectivity to the bank servers.

Under this project, a customer will be given a Smart Card that is going to act like bank's passbook. The smart card will provide customer's identity, transaction store and bio-metric data to the bank. It will also ease services such as opening of no-frills savings accounts, loan accounts, revolving general purpose credit, government beneficiary schemes, fund transfer, remittance, recurring deposits, joint accounts, insurance premium collection and utility bill collection.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Understand Your Credit Card Statement
HDFC Bank sets up common phone banking no.
Carnival of Indian Personal Finance Blogs #3
Kinds of auto insurance coverage
Electronic fund transfers- making life...


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive