Canara Bank, a leading nationalized bank, has reportedly unveiled ATM-cum-debit card for joint account holders. In this new card one accountholder is designated as ‘primary’, the other will be ‘secondary’. A transaction is initiated by the primary cardholder by inserting the card in the ATM and keying in the PIN. The transaction is completed only after validation by the secondary cardholder, using the card and PIN issued. This new card is valid for domestic use on Canara Bank ATMs only.
Canara Bank is India’s fifth largest Public Sector bank (PSB) in terms of assets. As on September 30, 2013, it had assets of around Rs 450200 crore and advances of around Rs 281100 crore. The bank’s strong market position is underpinned by its market share of around 5.0 per cent in deposits and 4.8 per cent in advances as on September 30, 2013.
