Indian bank rolls out smart cards for rural customers

Mumbai, May 22 (UNI) State owned Indian bank has tied-up with Mumbai based Financial Information Network and Operations Ltd (FINO) to introduce smart card banking in rural sectors.

The system is intended to put in place technology banking in rural circles.

As part of the agreement, no frill accounts (Zero Balance Saving Accounts) will be provided by Indian bank for carrying out transactions on FINO Smart-Cards and Point of Transaction (POT) Devices.

The Indian Bank had implemented the Financial Inclusion project in the Union territory of Pondicherry with a view to include the hitherto unbanked sector.

FINO is a multi bank promoted company that provides cutting edge smart card based multi application solutions in banking, Microfinance, Insurance and Government sectors primarily located in rural&semi urban areas of India.

UNI