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Canara Bank sees exceptional surge in Cash Less Transactions

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December 09, 2016: On the backdrop of demonetization announced by the Government on November 8, 2016, Canara Bank has taken several proactive measures to give major thrust for cash less transactions and witnessed huge surge in e-transactions through various digital channels..

During the first month of demonetization, the bank has played a pivotal role to the call of the Nation .The bank is aggressively driving host of digital applications viz., mobile banking, M wallet, Empower ( UPI ), Debit/Credit Cards, Point of Sale (POS), and USSD/AEPE enabled transactions. Bank has further unveiled additional channels viz., QR Code, Green pin and Prepaid cards to propel the digital usage

During the last month (between November 8th to December 8th) bank also saw exceptional rise in internet banking users by 39.7% and value of transactions rose by 11.28%. The bank’s mobile banking facility which is one of the most favored by the customers witnessed an additional subscription of more than 1.8 lac customers during the last one month ( taking the tally to 12.15 lakh users) with 17.40% increase in transaction value . The bank has seen substantial rise in daily transaction value on POS machines from a mere Rs. 0.68 cr as on November 8, 2016 to Rs. 6.64 cr by December 9, 2016.

In pursuit of the Government of India directives, the bank is working on a mission mode to aggressively drive cash less transaction through host of digital channels. To further this cause, the bank has also launched Prepaid cards and embarked on an ambitious programme to issue prepaid cards for an astounding amount of Rs10400 Cr during this month. Youth are being engaged to assist the customers in queues at branches / ATMs for downloading and familiarization of digital applications.

In the aftermath of demonetization, the bank has shown greater resilience and commitment to serve the public at large in facilitating exchange/deposit of specified bank notes. During the last one month the bank has undertaken 41.70 lack transactions and facilitated exchange of demonetized currency to the tune of Rs1445.18 Cr. The bank has put up special counters and worked extra hours to facilitate the stupendous task of 169.84 lac transactions towards deposit of specified currency amounting to Rs 49507 Cr.

Responding to the need of bring the people working in unorganized sector such as construction , textile, tea etc to the banking fold, the bank has organized more than 8500 camps and assisted 234871 people to have basic savings bank accounts. They are issued with Rupay cards for further banking transactions..

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