State Co-operative Bank Partners With Axis Bank To launch PoS Services

SRINAGAR —  In a move to achieve its digitisation goals, The Jammu and Kashmir State Cooperative Bank has entered into an MoU with Axis Bank to launch PoS (Point of Sale) services for its customers, thus, becoming the first co-operative bank in the state to launch the said service.

 An impressive function was held at the corporate office of SCB which was presided over by Mr. M.S. Dar , Chairman SCB and attended by Mr. M. Lateif, MD SCB, Mr. Abdul Rashid Mir, GM SCB, Mr. Sheikh Moin Cluster Head Axis Bank and other senior officers of both the banks.  The services will be provided in partnership with the AXIS Bank.

Speaking on the occasion, Mr. M. S. Dar said that the service has been launched to boast cashless banking and will benefit its customers who are operating merchant establishments, institutions etc.

  He said that in the first phase, SCB is planning to install 2000 terminals, mainly in rural areas in 2019-20.

Elaborating upon the specifics he said that the technical and business aspects of the arrangement with Axis Bank were tested over a year on pilot basis and upon satisfactory results, we have decided to go ahead with the project.

The Managing Director, M. lateif said that the MDR (Merchant discount rate) Installation fee, monthly rentals and other charges have been fixed at the lowest keeping in view low profit margins of small establishments in rural areas.

He congratulated his IT and Business Development teams for the successful launch.

Meanwhile, the Bank has constituted a high level committee, headed by the Managing Director himself, to ensure launch of mobile banking in the current fiscal.



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