Axis Bank comes up with Everywhere Teller Machines

Leading lender in the country Axis Bank has come up with a new scheme “Everywhere Teller Machines” (ETM) that will allow an account holder to withdraw money from swiping machines available at the shops.

An official from the bank said "Generally, card swiping is done to make a purchase at a shopkeeper's end. ETM is the reverse wherein a customer can withdraw money at the shop."

The bank has already launched this scheme in Vijayawada in Andhra Pradesh and plans to expand it across the country very soon.

For a single ETM transaction the customer will be levied with Rs 10 only.

Post Offices might soon host for ATMs

Besides catering the people with a wide range of services, the prestigious Indian Post might get yet another role to play. The Government is seriously considering the proposal of installing ATMs at the Post Offices in the rural area.

Indian Post is already associated with some government agencies and has been providing major services in payment process for various government schemes.

A senior official with ministry of communication and technology said "Central, state and local governments are increasingly preferring government benefit payments to be routed through banks rather than using postal services. We need to innovate so as to continue to play dominant role in financial inclusion."

It is yet another move from the authorities to strengthen the Financial Inclusion Plan. Installation of ATMs at Post Offices will offer greater accessibility of banking services for the rural population.

First Indian Travel Card from Axis Bank

Axis Bank recently launched India Travel Card. It is a service from the bank that is meant to benefit the foreign travelers in India. This service is aimed at providing a solution to the currency exchange problem for the foreign travelers.

The card will be made available at more than 190 Axis Bank branches in next few months. A customer can exchange foreign currency at selected Axis Bank branch or selected money changers and get a Travel Card loaded with equivalent amount in Rupees. The customer can shop at more than 4.7 lakh merchant outlets throughout the country through this prepaid card.

The customer will also be able to use any time banking service as through this card the customer will be able to make transaction from over 44,000 ATMs across the country. The maximum upper limit of the card is Rs 50,000 and the user can reload the card from selected branches within six months from the date of first credit.

This card might prove very useful for the foreigners as it will drastically reduce the necessity to carry hard cash and dependence on travelers’ cheques etc.

First Indian Travel Card from Axis Bank

Axis Bank recently launched India Travel Card. It is a service from the bank that is meant to benefit the foreign travelers in India. This service is aimed at providing a solution to the currency exchange problem for the foreign travelers.

The card will be made available at more than 190 Axis Bank branches in next few months. A customer can exchange foreign currency at selected Axis Bank branch or selected money changers and get a Travel Card loaded with equivalent amount in Rupees. The customer can shop at more than 4.7 lakh merchant outlets throughout the country through this prepaid card.

The customer will also be able to use any time banking service as through this card the customer will be able to make transaction from over 44,000 ATMs across the country. The maximum upper limit of the card is Rs 50,000 and the user can reload the card from selected branches within six months from the date of first credit.

This card might prove very useful for the foreigners as it will drastically reduce the necessity to carry hard cash and dependence on travelers’ cheques etc.

First Indian Travel Card from Axis Bank

Axis Bank recently launched India Travel Card. It is a service from the bank that is meant to benefit the foreign travelers in India. This service is aimed at providing a solution to the currency exchange problem for the foreign travelers.

The card will be made available at more than 190 Axis Bank branches in next few months. A customer can exchange foreign currency at selected Axis Bank branch or selected money changers and get a Travel Card loaded with equivalent amount in Rupees. The customer can shop at more than 4.7 lakh merchant outlets throughout the country through this prepaid card.

The customer will also be able to use any time banking service as through this card the customer will be able to make transaction from over 44,000 ATMs across the country. The maximum upper limit of the card is Rs 50,000 and the user can reload the card from selected branches within six months from the date of first credit.

This card might prove very useful for the foreigners as it will drastically reduce the necessity to carry hard cash and dependence on travelers’ cheques etc.

Extra security for transactions over phone

To make the transactions from credit card over phone safer, the Reserve Bank of India has added another security layer to the credit card transactions. From now on the customer who needs to make transaction over phone will require a one time password generated by their respective bank.

Initially the directive was schedule to be effective from 1^st January but some banks asked for more time to bring the adequate changes to their systems and so the Central Bank decided February 1 as the new deadline.

According to the revised norms a customer will require to tally 5 set of numbers that includes -- the 16-digit card number, card expiry date, CVV (Card Verification Value, which is printed on the back of the card) number, mobile number and the OTP to carry out credit card transaction over phone.

The One Time Password will be effective for a period of two hours and the customer will need a separate OTP each time he makes a transaction over phone. For the purpose it is mandatory that the phone number of the customer is registered with the bank.

Earlier the Reserve Bank introduced similar security level to the internet banking transactions also.