India goes on implementing online financial services

[img_assist|nid=7996|title=|desc=|link=none|align=left|width=100|height=68] According to V Leeladhar, Deputy Governor, Reserve Bank of India (RBI) a significant number of measures were taken to provide better service to customers through initiatives like National Electronic Funds Transfer and providing ATM usage. Further RBI is planning to introduce the India Card and Check Truncation facility to centers other than Delhi for speedier realization of outstation checks.

Leeladhar notes that India may quickly shift from cash to electronic payment mode, thereby, eliminating the necessity of using checks. The Reserve Bank has also permitted appointment of individuals as banking correspondents under the financial inclusion project and brought in several changes in the Banking Ombudsman Scheme for speedier redressal of grievances.

An addressing of Leeladhar was made at a meeting on the occasion of the inauguration of new zonal office premises of Corporation Bank in Bangalore.

As it is stated by B Sambamurthy, CMD of the bank, the bank's business has doubled in the last three years to touch around Rs 940 billion as of March 31, 2008. The bank's net NPA is one of the lowest at 0.32 per cent. During the last year, over 1 million new customers joined the bank which is the highest since the bank started functioning.

Customers are provided a number of modern services such as payments through mobile, funds transfer through ATMs, online approvals for education loans and others.