Date:31/01/2006 URL: http://www.thehindubusinessline.com/2006/01/31/stories/2006013101410600.htm

Back Indian Bank launches credit card

Our Bureau

Chennai , Jan. 30

CONFIDENT of tapping the 20 million-strong client base, Indian Bank has launched a Visa Global Credit Card.

The bank's Executive Director, Mr B. Sambamurthy, told a press conference today that the bank was not too worried about being a late entrant into the card business. He said that the bank was entering the business at the "tipping point" when the infrastructure for the cards business has attained a sufficient size.

Both Mr Sambamurthy and Mr Uttam Nayak, Deputy Country Manager (South Asia), Visa Consolidated Support Service (India) Pvt Ltd (part of Visa International), said that the potential for card business to grow in India was huge.

It was announced at the press conference that on the day of the launch, 10,000 cards were approved for issue. The bank has also decided to allow balance transfer from other cards, at a rate of 1.79 per cent a month.