Tamil Nadu - Erode   

Bank launches smart cards in Erode district

ERODE: The Indian Overseas Bank launched the Smart Card banking business in Erode district recently.

Bank's General Manager T. Thenappan launched the programme and distributed the biometric smart cards to the account holders in Konamoolai and Paruvachi villages in the presence of Senior Regional Manager R. Krishnamurthy.

Under this programme, the customers of the villages could carry out banking transactions with the biometric smart card, which contains a microchip with the account particulars, photo and fingerprints.

The customers could remit or withdraw money directly from their accounts in their villages itself.

The bank had authorised business correspondents in the villages, who would facilitate these transactions.

The programme was launched as a part of the total financial inclusion initiatives of the Reserve Bank of India.

The Indian Overseas Bank had introduced the programme in 15 villages in the district. It would cover at least 500 customers in each village initially.

Mr. Thenappan also inaugurated new ATMs at Samthyamangalam and Jambai.

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