PNB to join credit card bandwagon

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New Delhi, Aug 16 : the RBI has pointed out.

Considering these risks involved in the credit card business, Punjab National Bank would offer the service to its own customers. “Credit card business is a risky one. We are going to issue credit cards only to our own customers,” Chakrabarty said. The bank has over 3.5 crore customers at present.

For the debit cards issued to its banking customers, PNB is linked with MasterCard, another international payment gateway. “We have a tie-up with MasterCard for debit cards and with Visa, our customers could access a much larger global network of merchant outlets,” PNB’s executive director JM Garg said. A PNB debit cardholder can, at present, purchase goods at 99,270 merchant establishments across the country.

The bank is also going to start ‘Cash Management Services’ in the next three months. The services will allow its corporate clients to pool funds spread across the country at the branch of choice within two hours.

“Under these services, the bank would collect the receivables from representative or business associates at the core banking branches across the country and bring them at a single outlet. The funds could then easily be remitted from this branch,” Garg said.