A group of banks including Yes Bank, Union bank of India, Canara Bank, Andhra Bank and Saraswat co-op bank have decided to provide the inter bank fund transferring through the ATM cards. The customers of these banks will get the facility to transfer the amount from their own bank to any of these banks easily by visiting the ATMs.
The fund transfer will become quite easy through this facility. In order to transfer the money the person will simply need to visit the ATM punch his ATM card and enter the debit card number of the person to whom he wants to transfer the amount. As soon as the person will confirm ok, his account will get debited and the other person’s account linked to the card will get credited. Prior to this SBI was also in plan to launch such an initiative but it was restricted only if the receiver and sender both are having the SBI account. Bankers believe more people are likely to adopt this medium for fund transfers.