Prime Bank has launched a mobile banking unit that is targeted at cash-rich corporate customers.The "Bank on Wheels" is intended to offer cash-in-transit services for select customers at their convenience, through a specially designed vehicle.
The Bank on Wheels truck is specially designed to carry a cash deposit machine (CDM), security and network equipment.
"The Bank on Wheels will work as a mini-branch enabling clients to make cheque deposits, make account enquiries, receive statement of accounts, use the cash deposit machine (CDM) to deposit cash and make withdrawals at the specified working hours," said the Prime Bank Managing Director Bharat Jani during the launch of the service on Wednesday.
Competition in the banking sector has made banks more innovative to retain clients and attract new ones via new products such as online, text-based and agency banking which ease a client's burden of moving large sums of money from their businesses to the bank.
Customers will also get e-banking applications on the Prime Bank truck.
Prime Bank staff will work from the vehicle with laptops, printers and cheque scanners and a counter for customers to carry out their banking services.
The teller will assist customer to deposit the cash in the CDM after which the customer's account will be credited in real time and a receipt issued to the client.
The mobile bank will be moving around the city and its environs.
"The innovative concept aims to take the bank services closer to customers' business premises such as supermarkets and fuel stations...," said Mr Jani.