Punjab National Bank to open self service counters

Banking's version of convenience stores?

This seems to be what Punjab National Bank has in mind with its aim of setting up self service counters.

It will be available for 24-hours in its 500 branches by March 2013.

The Multi Function kiosks or E-lobbies would be equipped with cash deposit machine, cheque deposit machine, passbook printing machine and cash dispensers round the clock, Bank Chairman and Managing Director K R Kamath told reporters here.

"We are totally revamping branch operations with self service counters for our customers. We are not competing with banks but are competing with service industry. We have enlarged our competition", he said.

The counters would be set up in banks having huge customer footfalls, he pointed out.

About 50 per cent of the customers come to the bank for depositing cash, cheques, passbook updating and cash withdrawls.

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