Gail Adopts SBIs E-banking System

New Delhi | Updated: Feb 27 2004, 05:30am hrs
Gail (India) Limited has adopted the e-banking system introduced by the State Bank of India (SBI) for all its financial transactions. It made a payment of Rs 64 crore to ONGC, for receiving natural gas from them, through this system. This was the companys first e-banking transaction, a company release said.

This is one of the first steps taken by Gail after signing up for the corporate IT banking services of SBI. The bank has SBI has provided the facility to GAIL at its plants in Pata, Vijaipur and Jhabua.

The e-banking system can be quite advantageous for the business world where transactions are expedited in large numbers.