Corp, K’nataka banks to increase POS machines

Corp, K’nataka banks to increase POS machines

Mangalore Today News Network

Mangaluru, Dec 1, 2016: It is reported that with plastic money assuming significance in the wake of demonetisation, Corporation Bank has plans to encash the boom by doubling its point of sales (POS) machines in the future.

Corporation Bank managing director and CEO Jai Kumar Garg on Wednesday said, "The bank aims to double the POS machines under its existing network with 1.03 lakh devices across the country. The bank also has the distinction of having largest POS machines, after SBI." He said with the timing of demonetisation and GST being same, it is set to bolster economic development, as the former has increased the deposits in banks.

CGM of Karnataka Bank M S Mahabaleshwar Bhat said the bank usually has 2 lakh cards at its disposal and the bank has ordered another 2 lakh cards. The bank had sold about 1,300 POS machines in September 2016. The bank has about 4,300 machines and will double them in a couple of months. He said any customer can transfer up to Rs 1 lakh through the mobile app. "It may take some time for the customers to get adjusted to the new ways. The bank is planning to educate the customers to use hassle-free transactions."