Canara Bank has launched FX 4 U that enables its entire internet banking users to handle forex transactions hasslefree. FX 4 U is used for forex remittance through internet banking. With this development, eligible customers will be able to undertake remittance facility in adherence to the FEMA regulations 1999.
About FX 4 U:
- Once the letter of credit (LC) module is activated, the corporate customers can make and submit LC applications with documents through internet banking.
- Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.
- The transactions that are submitted through internet banking 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).
Important takeaways for all competitive exams:
- Syndicate Bank was amalgamated into Canara Bank on April 2020.
- Canara Bank Founded: July 1906 by Shri Ammembal Subba Rao Pai.
- Canara Bank Tagline: Together We Can.
- Canara Bank MD & CEO: L V Prabhakar.
- Canara Bank Headquarters: Bangalore, Karnataka.