Indian private sector lender Federal Bank is offering its customers instant funds transfer facility through ATM cards at ATMs.
The Card to Card (C 2 C) facility will enable funds transfer between cards of the bank and those of 11 other lenders offering the facility, helping beneficiary secure the credit instantly.
Customers will be able to make a transfer using the ATM card by visiting any of the bank’s ATM and entering the 16 digit debit card number of the beneficiary and the amount to be transferred.
The real-time fund transfer is being enabled through the platform provided by the National Payments Corporation of India (NPCI).
The C 2 C facility will allow a customer to transfer a maximum amount of INR5,000 ($75.30) per card per day with a monthly cap of INR25,000 ($376.50) per card, in line with RBI specifications.