Public sector lender Canara Bank has launched “ FX 4 U”, its new product that enables its entire internet banking users to handle forex transactions hasslefree. As of now, the outward remittances module is activated and the remaining modules will be activated soon.
With this development, eligible customers will be able to undertake remittance facility in adherence to the FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.
L V Prabhakar, Managing Director & Chief Executive Officer, Canara Bank said 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 said 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.