EDCB bankability zooms to new high, thanks to Eco-Bank

The Ernakulam District Cooperative Bank is set to break new ground seemingly in the country’s banking sector by offering services.

Published: 12th August 2017 01:13 AM  |   Last Updated: 12th August 2017 09:52 AM   |  A+A-

Image used for representational purpose.

Express News Service

KOCHI: The Ernakulam District Cooperative Bank(EDCB) is set to break new ground seemingly in the country’s banking sector by offering services, including ATM withdrawals, NEFT and other transactions  free of cost to customers. Cooperation Minister Kadakampally Surendran on Saturday will formally launch the facility at a function to be held at Kakkanad. Thrikkakara MLA P T Thomas will preside.
“ With the launch of Eco-Bank net project, cooperative bank customers can enjoy all types of transactions free of cost. This is the first time a bank has come up with such a ‘big gift’ to the public while the nationalised banks are imposing hidden charges on all transactions,” M S Laila, administrator,EDCB and B Omanakuttan, general manager,EDCB told reporters here on Friday.

The EDCB is planning to provide the entire range of services to customers within three months. 
“At present, we have only 1.5 lakh customers with ATM cards and the remaining customers will be issued the card within three months ,” said Omanakkuttan.Charges imposed on ATM withdrawal, RTGS, NEFT, check return, mobile passbook and SMS alerts  are the services offered completely free of cost to customers.  “At present, we have restrictions on allowing online transactions as the RBI is yet to provide the necessary permission. Once we get the RBI’s nod  all the transactions can be done through mobile and online platform,” said Omanakkuttan.

The EDCB is also planning to distribute POS(point of sale) machines to shop owners to promote the use of ATM cards. “Using Rupay card the customers can make purchases. In order to give it a fillip, we will also provide POS machines to the shop owners. We have received 1,500 orders for the POS machines and they will be distributed in two-three months,” Omanakkuttan said. 

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