Visa card holders
can use Karur Vysya Bank ATMs
Our Banking Bureau
27 June 2005
with its plans to put its ATMs to optimum use, the Karur Vysya Bank (KVB)
has tied up Visa International to facilitate cash withdrawals for holders
of Visa credit cards to draw KVB's 156 ATMs.
withdrawal, however can only be made in Indian rupees. For foreign nationals
with a Visa credit / debit card, withdrawing cash from a KVB ATM, this means
that irrespective of the currency in which their account is maintained, the
amount to be withdrawn will be converted in to Indian currency equivalent.
tie-ups with other private banks, customers of Karur Vysya Bank can access
around 3,000 ATMs.
on the new launch, P T Kuppuswamy, chairman, KVB, said, "In India alone
there are more than 27 million Visa credit and debit cards and we see this
offers a good opportunity for generating fee-based income for the bank. Since
the bank does not have a credit card, even our customers who own a Visa credit
card issued by other banks can transact through our ATMs. The other advantage
for us is that we can increase the usage, which will result in lower maintenance
cost for our ATMs."
to Gagan Maini, director, marketing and business development, South Asia,
Visa International, "Visa is delighted to partner with Karur Vysya Bank
and extend its network of over 13,000 Visa ATMs in India and close to one
million ATMs worldwide."
on the technology initiatives at the KVB, Kuppuswamy said, "The bank
is fully computerised and nearly 96 per cent of the business is done under
the core banking solution."
FY 2005 Karur Vysya Bank has posted a profit of Rs105.34 crore as against
Rs161.05 crore, the posted during FY 2004. The fall in profit is attributed
to the depreciation suffered on the bank's investment portfolio owing to rise
in interest rates.
bank has constituted a 'Basel II implementation committee', which has been
meeting frequently to take stock of the headway made for implementation of
norms for complying with the requirements of Basel II.
the performance targets, Kuppuswamy said, "The bank is targeting deposits
of Rs8,000 crore and advances of Rs.5,500 crore by the end of FY 2005-06.
The bank's strategy to mobilise low
cost deposits and focus on retail financing will stand the Bank in good stead
in maintaining a robust net interest margin".
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