Indian Bank is set to introduce a new system that facilitates cardless cash withdrawals, reported The Hindu.

The public sector bank mulls commencing the new initiative following release of specifications by the National Payments Corporation of India (NPCI).

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Indian Bank executive director M.K. Bhattacharya said: “Right now, two banks are offering this facility.

“State Bank is offering this facility through its Yono website and Bank of India, via QR code for their own ATMs, in a limited manner.”

The new system would be interoperable, cited the report.

According to Indian Bank general manager (digital banking) S. Rengarajan, the system would be ready by June next year.

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Commenting on the development, Rengarajan stated: “When we offer this service, it should be interoperable.

“Customers of any bank can use our system for cash withdrawal and vice versa. Currently, the system is limited only to cash deposits.”

Meanwhile, Indian Bank recently unveiled a loyalty programme called Ind Advantage, in collaboration with Loylty Rewardz Management- a rewards programme management company.

Through the programme, use of a debit card, internet and mobile banking facilities will enable the bank’s clients to secure rewards that can be redeemed for merchandise tickets and recharge coupons, among others.

Plans are on to make the programme available to credit card customers later, Bhattacharya noted.