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Friday, May 13, 2011

GREEN CHANNEL COUNTER SCHEME BY STATE BANK OF INDIA

State Bank of india has decided to expand it's scheme green channel counter in which no paperwork is needed to do the banking. No paper will be used to deposit, withdrawal or even transfer the money from one account to other. Only one need is to an ATM card or debit card attached to the account with which one can do all the transaction without the paper and the pen.

State Bank of India has started 'Green Channel Counter' on 1st July,2010, at 57 Pilot branches across the country, as an innovative step towards paperless 'Green Banking' for deposit, withdrawal and remittance transactions. Based on the Customers favourable response, this initiative has now been rolled out to more number of branches (Complete List given Below).
The facility would give customers ease and comfort in transacting their business at branches. The customer need not fill up any pay-in slips or draw cheques for depositing or withdrawing money from their accounts, saving paper, and thereby contributing to the concept of 'Green Banking'.
This novel facility would be a game changing move in the industry by reducing process time, as duplication in writing/feeding account details and transaction details by the customer as well as the person behind the counter is avoided by simply capturing these details by swiping the SBI Shopping cum ATM card (State Bank Shopping Card) on a device available at the Single Window Operator's (SWO) counter. At the Green Channel Counter, there is a Point of Sale Machine (POS), on which the customer swipes his card. He is then asked by the machine to select the type of transaction, viz. (0) Cash Deposit, (1) Cash Withdrawal and (2) Funds Transfer. Once the customer selects the type of transaction by entering the option, the message 'Enter the Amount' is displayed. At present the maximum amount is Rs 40,000/-. The customer is asked to confirm the input amount followed by a message "Please Enter the PIN". When the PIN is entered by the customer, the transaction gets transferred to the terminal of SWO who after entering the denomination of the cash to be paid/received, pays/receives cash and the transaction gets completed. The customer will be provided with a machine generated printed receipt with previous balance, amount of transaction and closing balance. Odd amount (in round rupees) transactions are possible. While withdrawing, the customer can have denomination of currency of his / her choice, subject to its availability at the Branch.
The Green Channel Counter is also an endeavor to offer ease of transactions to senior citizens, especially a large number of pension account holders who still prefer branch banking. It is the privilege of the oldest Bank in the country to take care of its elder citizens and guide them to the use of plastic cards. The facility would be extended to a larger number of branches with added facilities in due course.
Fees/charges – FREE 
* There will not be any additional charges other than the nominal charges for remittances from Non-home branches currently being charged.
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