Canara Bank Implements New Restrictions for International Cash Withdrawals: What You Need to Know

Enhancing Security for International Cash Withdrawals: Canara Bank’s New Requirements

In today’s digital age, the security of financial transactions is paramount. With the increasing prevalence of cyber frauds and money laundering, banks are continually updating their protocols to safeguard customers’ funds. Canara Bank has recently introduced new requirements for enabling international cash withdrawals through its Canara ai1 Mobile Banking and Internet Banking platforms. This post will delve into these new measures and their implications for account holders.

This move aims to curb cyber fraud and money laundering by ensuring that only verified account holders can perform international transactions. If you are a Canara Bank customer, this article will guide you through the latest changes and how to update your details to continue using international withdrawal services.

Why Has Canara Bank Introduced These Restrictions?

International financial fraud has been on the rise, with cybercriminals using fraudulent or mule accounts to transfer illicit funds across borders. To enhance security and protect customers from fraud, Canara Bank has taken a proactive approach by mandating both PAN card and passport verification for enabling international cash withdrawals.

This measure aligns with RBI’s ongoing efforts to strengthen the financial system and prevent unauthorized cross-border transactions.

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What Are the New Requirements for International Cash Withdrawals?

If you wish to enable international cash withdrawals via Canara ai1 Mobile Banking or Internet Banking, you must ensure that:

1. Your PAN card is linked to your Customer ID in the bank records.
2. Your valid passport details are updated in the bank’s records.

Without fulfilling these conditions, you will not be able to activate the International Cash Withdrawal facility under the “Manage Debit/Credit Card Usage” option in your Mobile or Internet Banking account.

Who Will Be Affected?

The new requirements will impact:

• Customers who haven’t linked their PAN card to their bank account.
• Customers who haven’t updated their valid passport details with Canara Bank.

However, these restrictions apply only to international cash withdrawals. Domestic transactions within India remain unaffected, meaning customers can continue using their debit or credit cards for transactions within the country without any changes.

Steps to Update PAN and Passport Details in Canara Bank

• Visit your nearest Canara Bank branch with your original PAN Card and passport and a self-attested photocopy.
• Request a KYC form and fill in your PAN Card and passport details.
• Submit the form along with the photocopy of your PAN Card and passport.
• The bank will verify your documents and update your records.

Benefits of These New Security Measures

While these additional steps may seem inconvenient for some customers, they provide significant security benefits:

✅ Enhanced Fraud Prevention – Verifying customer identity reduces the risk of unauthorized transactions.
✅ Better Compliance – Aligns with RBI guidelines to strengthen the banking system.
✅ Increased Transaction Security – Ensures only legitimate users can perform international cash withdrawals.

Canara Bank’s new restrictions on international cash withdrawals are a necessary step to prevent cyber fraud and enhance financial security. If you haven’t yet updated your PAN and passport details, it is crucial to do so to avoid disruptions in your banking services.

By staying compliant with these guidelines, you can continue enjoying seamless international transactions while ensuring your funds remain safe from fraudulent activities. Additionally, keeping your banking details updated helps improve your overall financial security and compliance with regulatory requirements.

Ignoring these updates could lead to inconvenience, especially if you frequently travel or make international transactions. Take action now to avoid last-minute issues and ensure uninterrupted access to your international banking facilities.

👉 Have you updated your details yet? Visit your nearest Canara Bank branch today!

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