The Hindu : Business : Indian Bank launches global credit cards

Online edition of India's National Newspaper
Wednesday, Feb 01, 2006

Business

Business

Indian Bank launches global credit cards

Corporate Reporter

CHENNAI: Indian Bank has come out with Global Gold and Global Classic credit cards. Addressing presspersons here on Monday after launching these cards, B. Sambamurthy, Executive Director, said the launch was part of the bank's ongoing initiative to provide multifarious banking and financial services to different segments of customers under one roof. Endowed with a customer base of 1.70 crore the bank was hopeful of selling 20 lakh cards, he said.

One-time fee

The bank has a considerable NRIs customer base and NRIs would also be eligible to apply for the cards, Mr. Sambamurthy said.

According to Uttam Nayak, Deputy Country Manager (South Asia), Visa International, the personal consumption expenditure was growing and in India only 15 million credit cards were used with five million absolute customers.

There were 30 million eligible people and the industry was witnessing 40 per cent growth, Mr. Nayak said. There was thus a good potential for credit cards.in the country, he said. The credit cards have been priced at a one-time fee of Rs. 100 each. The features include a bouquet of insurance benefits, money back reward points and enhanced operational security.

For the empower- ment of common man, the bank is planning to launch a Bharat Card shortly.

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