Canara Bank collaborates with RBI innovation hub

Canara Bank Q1FY24 Results: Standalone PAT Rises to Rs 3534.84 Cr

Canara Bank Collaboration With RBI Innovation Hub

Canara Bank, in collaboration with Reserve Bank Innovation Hub (RBIH), has launched a new customer-friendly service called “Digitalised Submission of Form 15G/15H” to enhance the customer experience.

Form 15G and Form 15H are self-declaration forms that individuals submit to the bank, requesting that TDS not be deducted on their interest income as their income falls below the basic exemption limit. The submission of these forms is particularly prevalent at the beginning of each financial year, especially during the first few weeks of April, and is especially relevant for senior citizens.

While Canara Bank currently accepts the online submission of these forms through internet and mobile banking platforms, many senior citizens are not familiar with these technologies and, as a result, must wait in long lines at bank branches to submit their forms.

Recognizing this problem, RBIH consulted with several banks to develop a solution that would address this issue. The solution they came up with used an omni-channel approach and leveraged familiar technologies to senior citizens.

Now, all deposit holders, including senior citizens, can easily submit their tax waiver forms through SMS and the Canara Bank website, using their registered mobile number, anytime and anywhere. This solution is expected to make the submission process more convenient and efficient for all Canara Bank customers.

About Canara Bank:

Founded in 1906 by Ammembal Subba Rao Pai in Mangalore, Canara Bank is a public sector bank headquartered in Bangalore, India. The bank was nationalized in 1969 and now has international offices in Dubai, London, and New York.

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