Bank of India is the first one to start the facility of card-less cash withdrawal. It has been reported that customers of Bank of India can now withdraw cash without opening account in bank. The main purpose of this facility is to help the migrant labourers.
Under the instant money transfer (IMT) the bank user can transfer money to someone else account by using the receiver’s number. The customer can withdraw a maximum amount of Rs 25,000 in a month. The sender will be charged a sum of Rs 25 for each transaction.
The manager of the bank reported that he feels the charges are bit higher for the working community, they will try to lower the charges. The bank is trying to facilitate this facility to the customers through mobile handsets and is also planning to make all the ATMs of the bank IMT oriented. Further the bank will be adding 100 new branches by the next fiscal year.