On December 12, 2020 Canara Bank launched ‘FX 4 U’, a new technology(tech) product. This product helps the users of its Internet Banking(IB) to handle forex transactions.
Purpose of Launch– For forex remittance through internet banking
Currently, the outward remittance module is being activated, the remaining modules will be activated shortly.
Key Info about the Facility:
i.This facility enables all the eligible individual customers to undertake remittance facilities as per the Foreign Exchange Management Act(FEMA), 1999
ii.Once the letter of credit (LC) module is activated, the corporate customers can make and submit LC applications with documents through IB.
iii.The transactions that are submitted through IB will flow seamlessly to the Centralized Process Centre – Forex Transactions(CPCFT), where the Compliance and accounting will be done and transmitted through The Society for Worldwide Interbank Financial Telecommunication (SWIFT).
About Society for Worldwide Interbank Financial Telecommunication (SWIFT):
i.It provides a network that helps the financial institutions around the world to send and receive info about the financial transactions in a secure, standardized and reliable environment.
ii.SWIFT Code is a standard format of bank Identifier code. In particular, this code is used in International transfer of money between banks.
iii.SWIFT Code consists of either 8 or 11 characters.
About Canara Bank:
Syndicate Bank was amalgamated into Canara Bank on April 2020
Founded– July 1906 by Shri Ammembal Subba Rao Pai.
Tagline– Together We Can
Managing Director(MD) & Chief Executive Officer(CEO)– L V Prabhakar
Headquarters– Bangalore, Karnataka