12th December 2020, Bangalore: Canara Bank, a premier public sector Bank announced the launch of its new tech product “ FX 4 U”. This product enables its entire internet banking users to handle forex transactions seamlessly. Presently, the outward remittances module is activated and the remaining modules will be activated soon.
With the introduction of this facility, all eligible individual customers can undertake remittance facility as per FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.
Transactions submitted through IB will flow seamlessly to CPCFT ( Centralized Process Centre – Forex Transactions), wherein Compliance and accounting will be done and transmitted through SWIFT.
Launching the product, MD& CEO Mr. L V Prabhakar, informed that Bank has taken several initiatives to centralize the business process activities like account opening, Retail Loan products, forex transactions, etc. keeping in mind growing needs of customers for ease of business, standardize the service quality and reduce TOT. Further, he added that it is his ardent desire to bring more products of the bank to a digital platform. He concluded by reiterating the bank’s commitment to the speed and hassle free banking service.
He also inaugurated New and spacious premises of Agra Circle and wished that circle will able to tap all the business potentials in the region and support the economic growth of the area.