The bank said in a statement, “With the introduction of this facility, all eligible individual customers can undertake remittance facility as per FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.”
Transactions which are submitted through internet banking will flow seamlessly to CPCFT (Centralised Process Centre – Forex Transactions) where compliance and accounting is done done and transmitted through SWIFT.L V Prabhakar, MD & CEO, Canara Bank, said, “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 added 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.”
Prabhakar also inaugrated new premises of Agra Circle and said the circle will be able to tap all the business potentials in the region and support the economic growth of the area.