PNB to launch remittance card in Kochi today

The bank is also opening nine new branches and equal number of ATMs in Kerala today

Punjab National Bank (PNB) is launching India’s first co-branded remittance card — PNB Remit Card — in association with UAE Exchange and Financial Services Limited in Kochi on Friday. The prepaid card will be beneficial to NRIs and their kin for transferring funds from abroad and for using in merchandise establishments.

Bank chairman and managing director KR Kamath and UAE Exchange chief operating officer — global operations Sudhir Kumar Shetty will jointly launch the new product at a function here on November 2.

When an NRI remits money from abroad through UAE Exchange, its office in India will automatically load the funds and send an SMS alert to the beneficiary. On receipt of the SMS alert, the beneficiary can use the PNB remit card for cash withdrawal from any ATM of for merchandise purchase. This is a non-personalised co-branded card and can be used on a pan-India basis. A minimum of Rs 500 and a maximum of Rs 50,000 can be loaded, said KV Rajesh, deputy general manager, PNB.

He said this was the for the first time in India such a remit card was being launched.

The card can be used for 30 transactions in a year and will be valid for 36 months. A maximum of Rs 25,000 can be withdrawn in a day. There is a provision to transfer funds from the card account to the savings bank account of the beneficiary.

Addressing a press conference here, he said the bank would launch nine new branches and equal number of ATMs in Kerala on Friday.

Kamath would inaugurate the branches and ATMs online. With this, the total number of branches in the state would be 150 and ATMs 158.

The new branches are located at Maradu in Ernakulam district, Aroor (Alappuzha), Kothanalloor and Erattupetta (Kottayam), Attingal, Varkala and Vizhinjam (Thiruvananthapuram) and Wadakkancery in Thrissur.

The branches would have 24X7 e-lobbies. These multi-function kiosks are equipped with cash deposit machine, cheque deposit machine, pass book printing machine and cash dispensers. He said apart from the new branches, 16 existing branches would also be provided with e-lobbies. The e-lobby service will be made available in all the 6,000 branches across the country soon.

The chairman will also launch PNB Metlife insurance products, CSR activities at Aroor and Cherthala branches in Alappuzha district, retail loan camp at Thodupuzha and agriculture loan camp at Aluva.