Corporation Bank honoured for tech

Corporation Bank, headquartered in Mangalore, has won three Banking Technology Awards for the absorption of IT in day-to-day banking operations, under the auspices of the Indian Banks Association and the Trade Fairs & Conference International, says Mangalorean.com.

The awards are: first prize for "Best Use of IT in Retail Banking" and "Best Implementation of Straight-through Processing", and runner up for "Best IT Security Policies & Practices".

For the awards, around 138 nominations were received from various public sector, private sector and foreign banks. The evaluation was made on 15 parameters by an independent jury panel.

The Industrial Bank of Korea (IBK) will distribute 12 000 Innovative Card Technologies (ICT) DisplayCards to its employees to authenticate internal systems logon, says centredaily.com.

IBK is the first firm in the region to use the card in a data systems access application and will distribute the ICT DisplayCard to its employees companywide.

IBK is receiving the cards through ICT's reseller Innet, which has successfully gained approval from the Korean government's Financial Security Agency to distribute the ICT DisplayCard.

The Reserve Bank of India (RBI) said banks are "cornering" customer surplus by charging high fees on inter-bank ATM transactions in the name of recovering technology costs, says Business Standard.

The analysis of expenses incurred for serving customers at the counter and ATMs shows that costs are much less at ATMs, RBI executive director RB Burman said, addressing banking technology conference organised by Indian Bank's Association.

Customers get these services free over the counter. Charging them (for transactions at ATMs) amounts to cornering of consumer surplus in the name of cost on technology, while the costs should be lower due to efficiency gains, Burman said.