Foreign banks target newer business segments

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Mumbai, Jun 16: In a bid to perk up Indian retail operations, foreign banks are coming up with newer products for its Indian customers. On Monday, two of the leading foreign banks in India, Standard Chartered and Citibank came up with different products like "Plus Extended Protection Plan" and Citigold global banking, respectively.

Standard Chartered Bank launched the "Plus Extended Protection Plan" in association with Tata AIG General Insurance Co Ltd. This product will provide its card customers lost card insurance for the period prior to reporting the loss.

The insurance cover will reimburse up to Rs 50,000 per occurrence, any fraudulent transaction occurred on the lost card up to 12 hours prior to the customer reporting the loss to the bank. Any payment card, debit or credit can be registered for this cover.

"Standard Chartered receives several lost card reports in a month. Understanding the inconvenience and anxiety caused to our customers, we felt the need to launch this product. The product will ensure protection to our valued customers against any fraudulent use. With this new service, we hope to reach out to new customers who have till date, avoided availing credit cards due to the fear of frauds," said RL Prasad, general manager of credit cards and personal loans at Standard Chartered Bank.

This product will also offer 5 other insurance covers like ATM assault and robbery insurance, lost wallet protection, purchase protection, home protection, and personal trip effects insurance.

On similar basis, Citibank too launched the Citigold Global Banking, a premium banking and wealth management service exclusive to Citigold clients. Citigold, Citibank's wealth management business, for its mass affluent client segment will provide a suite of both retail banking and wealth management products and solutions that include investments, insurance, mortgage, business banking, retirement planning, succession planning, and wealth transfer.