Canara Bank sees surge in cashless transactions

In the backdrop of demonetisation announced by the Government of India on November 8, 2016, Canara Bank has taken several proactive measures to give major thrust for cashless transactions and witnessed huge surge in e-transactions through various digital channels.

Between November 8 and December 8, 2016, the bank also saw an exceptional rise in internet banking users by 39.7% and value of transactions rose by 11.28%, said Canara Bank MD and CEO Rakesh Sharma in a statement. The bank’s mobile banking facility also witnessed an additional subscription of more than 1.8 lakh customers during the last one month (taking the tally to 12.15 lakh users) with 17.40% increase in transaction value.

The bank has seen substantial rise in daily transaction value on PoS machines from a mere Rs 68 lakh as on November 8, 2016, to Rs 6.64 crore by December 9, 2016. The bank has also launched prepaid cards and embarked on an ambitious programme to issue prepaid cards for an astounding amount of Rs 10,400 crore during this month, he said.

 During the last one month the bank has undertaken 41.70 lakh transactions and facilitated exchange of demonetised currency to the tune of Rs 1,445.18 crore. The bank has put up special counters and worked extra hours to facilitate the stupendous task of 169.84 lakh transactions towards deposit of specified currency amounting to Rs 49,507 crore.

Responding to the need for bring the people working in unorganised sector such as construction, textile and tea among others to the banking fold, the bank has organised more than 8,500 camps and assisted  2,34,871 people to have basic savings bank accounts. They are issued with Rupay cards for further banking transactions.   


During the first month of demonetisation, the bank has played a pivotal role to the call of the Nation .The bank is aggressively driving host of digital applications viz., mobile banking, M wallet, Empower ( UPI ), Debit/Credit Cards, Point of Sale (PoS), and  USSD/AEPE enabled transactions. Bank has further unveiled additional channels viz., QR Code, Green pin and Prepaid cards  to propel the digital usage.