STRATEGIC PARTNERS
August 6, 2002
CHANDIGARH, India -- Competition in the banking sector has resulted in Punjab National Bank (PNB) issuing ATM cards with 48 years validity rather than the standard two years.
Bank officials said it was not certain whether the cards would last for 48 years, or whether it would keep up with the technological advancements, according to a report in the Times of India.
The bank is also in the process of installing more ATMs at various branches. Bank sources told the Times that all Indian banks were trying to popularize ATMs as disbursing money through the machine costs less than over-the-counter withdrawals.
The approximate charges on ATM withdrawals are about 20 rupees (approximately 44 cents U.S.) compared with 70 rupees (about $1.44 U.S.) across the counter, PNB sources told the Times.
