T’puram: Kerala Bank has received approval from the Reserve Bank of India to introduce internet banking services, said bank president P Mohanan and CEO Jorty M Chacko in a joint statement.
The approval will enable customers to access banking services online 24×7 without visiting a branch. Besides individual customers, the bank’s member societies, including primary agricultural credit societies, and other institutions will have access to internet banking facilities. Member societies will be able to use their Kerala Bank accounts for services such as RTGS and NEFT, they said.
Govt departments, LSGIs, cooperative institutions and private and public sector establishments will be able to make fund transfers and bulk payments and use account management services online. QR code and E-POS services will also be introduced soon, they added.
Since its formation in 2019, Kerala Bank has unified its core banking system. It has been offering routine banking and deposit services, including UPI, through its KB Prime and KB Prime Plus mobile banking apps. UPI transactions worth Rs 16,041.25 crore were carried out through the bank across 9.8 crore transactions in the last financial year. Kerala Bank’s total business currently stands at Rs 1,28,697 crore, they said.
