Friday, January 30, 2015

The launch of Junior RuPay Debit Cards

            Now, school students can have access to exclusive RuPay debit cards. This would have been unthinkable a few years ago.

            The rollout of the RuPay cards by NPCI has made this possible.

            Pragathi Krishna Gramin Bank – an amalgamation of erstwhile Pragathi Gramin Bank (Sponsored by Canara Bank with Head Office at Ballari) and erstwhile Krishna Grameena Bank (Sponsored by State Bank of India with Head Office at Gulbarga.

            The amalgamated bank has its Head Office in Ballari. The amalgamated bank has physical presence with 632+ branches spread over 11 Karnataka Districts.

            Pragathi Krishna Gramin Bank is the first Regional Rural Bank (RRB) and one among a few commercial banks in the country to launch a new initiative of introducing banking to schoolchildren.

            The highlights of this initiative are:
01) The bank will distribute Junior ATM Rupay Debit Cards to schoolchildren above 10 years of age, introducing them to banking and helping inculcate the habit of saving money.

02)A child can open a savings bank account in any of the 632 branches in the 11 districts by submitting a filled-in application form with passport size photograph, along with a declaration-cum-no objection certificate from the guardian to open the savings bank account and issue of Junior ATM Rupay Debit card, a certificate from school authorities and ‘know your client’ documents of the guardian.

03)The account can be opened with zero balance and the account holder gets a passbook and Junior ATM Rupay Debit Card.

04)On the child attaining 18 years of age, the account gets converted into a normal account after a few simple formalities.

05)In turn, the child could use the card to draw cash upto Rs. 5,000 a day from any of the ATMs and also make payments upto Rs. 2,000 at point of sale.

06)Guardians would receive SMS alerts to their registered cell phones to enable them to know about the cash withdrawals and transactions of their child.

07)Guardians could remit funds to their children’s account through NEFT/RTGS/mobile banking anytime.

08) No cash transactions are in the pipeline.

09) Cheque books will not be allowed.