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IDBI Bank launches smart card

Our Bureau

MUMBAI, Sept. 13

IDBI Bank has launched MoneySmart, a smart card for small commercial transactions. At a function here on Wednesday, the Commissioner of Police, Mumbai, Mr M. N. Singh, handed over the first set of cards to customers.

MoneySmart, which is compliant with SMARS (Smart Rupee System) _ an RBI-specified technology _ is a tamper-proof, PIN-secured card, Mr Gunit Chadha, Managing Director and Chief Executive Officer, said.

Mr Chadha said the bank had test-marketed the card at Renukoot in Uttar Pradesh and had found the response ``quite satisfactory''. It was targeting a smart card customer base of 50,000 in Mumbai by March 2001, and would introduce it in Pune subsequently, he added.

Mr Chadha, who took over as MD and CEO recently, said the bank would re-position itself as a retail-oriented bank from being a corporate-oriented one. He said over the next six months, IDBI Bank would use the technology platform to enhance customer servi ce.

``IDBI Bank will strive to be the best bank in terms of customer service, which is our unique customer experience. We will offer several new products and expand our branch network, which currently comprises 44 branches,'' he said.

MoneySmart is a prepaid card that has a microprocessor chip embedded in it which stores cash in electronic form. A maximum of Rs 50,000 can be loaded or reloaded on to the card by depositing cash or transferring money from the customer's account, Mr J. V enkataramanan, Vice-President, New Product Development and Marketing, said.

The card is inserted into the card reader at the shop counter after a purchase is made. The shopkeeper keys in the transaction amount which appears on the display panel, and if the customer agrees with the amount he keys in the PIN and the amount is dedu cted from the card balance, Mr Venkataramanan explained.

The customer would need to have a savings or current account with the bank to avail of the facility. The card can be used to purchase goods and services at merchant outlets authorised by the bank. The bank also plans to make the card ATM-compatible to fa cilitate cash withdrawals, he said.

Pic.:Mr Gunit Chadha (left), MD, IDBI Bank, with Mr M. N. Singh, Commissioner of Police, Mumbai, launching the bank's MoneySmart card in Mumbai on Wednesday.

Pic.: Credit:Paul Noronha