Corporation Bank launches national electronic funds transfer through ATMs

Mumbai: Corporation Bank has launched the national electronic funds transfer (NEFT) facility through its ATMs, at a formal function that saw the launch of the service by Devaki Muthukrishnan, regional director, Reserve Bank of India at Bangalore.

The NEFT facility caters to personal needs of individual debit cardholders, especially savings bank account holders, and will enable them to remit money within two hours.  NEFT's advantage is its interoperability between banks, as it facilitates the transfer of  funds to beneficiaries' accounts in any bank in the country. 

Presently, 43,000 branches of scheduled commercial banks in India have NEFT facility. CorpBank customers will need to pre-register the beneficiaries they would like to transfer funds to, and the service has a maximum amount limit of Rs15,000 a day.