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ENS ECONOMIC BUREAU
NEW DELHI, JULY 6: Citibank today launched two innovative customer services - internet banking and debit cards - to promote cashless transactions in the country.
The bank has decided to extend debit cards facility to account holders in Mumbai and New Delhi. The facility is at present available only in Bangalore. Through internet banking, customers can get account balance status, see statements of account online and can also transfer funds across Citibank accounts, order demand drafts, pay utility bills, pay Citibank card bills, stop payment on cheques and order cheque books and deposit slips.
The facility also provides a Citibank card holder order drafts, facility to increase credit limit and application for a second card. In New Delhi, Citibank has already entered into a tie-up with MTNL which will enable users to pay their telephone bills on-line. In Bangalore, the bank has gone a step further by making arrangements for clients to pay their water and electricity bills too through the net.
The debitcard facility allows holders to make payments directly from their bank accounts. The amount for which the debit card is used gets deducted directly from the users bank account. While the idea behind debit card is to give users the convenience of shopping without the hassle of carrying cash, the icing to the cake is the fact that account holders' money stays in the bank and earns interest until the moment it is actually spent.
According to Citibank officials, in Bangalore total sales on debit card facility was amounting to Rs 5 crore per month. The facility was was started in Bangalore last November. Global Consumer Bank Head-India Nanoo Pamnani, said that the twin launches were part of the bank's goal of providing new and convenient payment options in keeping with customers needs.
"While internet banking will enable customers to bank anywhere in the world on their account, the debit facility will enable them to access their bank accounts from merchant establishments and pay for a wide range of goods andservices," he added.
For ensuring security both the facilities would use state-of-the-art encryption technology. "A couple of days back India has been given the permission of using encryption of 128 bits and we would be using just that," said Pamnani.
Citibank is providing the internet banking facility in collaboration with Maestro, the largest global on-line banking system provider.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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