Corporation Bank wins award for taking tech to rural areas

Contrary to popular belief, it was a public sector bank that walked away with the award for the best use of information technology in retail banking at the IBA & TFCI: Banking Technology Awards 2007, held on January 9, in Mumbai. Corporation Bank was the winner in this category, followed by Axis Bank as the runner-up. Corporation Bank has also taken technology to rural areas by introducing RFID/Smart Card based authentication devices that are operated by the business correspondents (BCs) at identified villages. The BCs serve as literal extension counters of the bank at these villages by providing basic banking services to people in rural areas