IDBI Bank Launches Debit-cum-ATM Card

Kolkata, September 25: | Updated: Sep 26 2002, 05:30am hrs
IDBI Bank Ltd on Wednesday announced the launch of its debit-cum-ATM card in association with Visa International. According to the officials of IDBI Bank, the Visa Electron debit card is a fully online card, which will allow the banks six lakh customers to make payment through debit card at 40,000 outlets in India and 10 million outlets worldwide.

Mr Ajay Bimbhet, country head, retail banking said, With the launch of our powerful international debit card, our retail product suite is now virtually complete. We intend to aggressively grow our debit card base and are introducing several exciting usage programmes that have never been offered before on any debit card. For the retail banking sector, the strategy of the bank is to position itself as a bank for the B class of cities, where it expects a strong growth. Sixty per cent of IDBIs 90 branches are located in the B and C class of cities.

Said Mr Bimbhet, Take the case of Patna, where we have seen a very strong growth in our customer base within a short period of time of setting up our branch and ATMs. Being the youngest new age private bank, our strategy is tap the retail banking needs of the cities located outside metros and large cities.

The debit card is the latest initiative of IDBI in the retail banking segment. The bank has already implemented mobile, Internet and phone banking.

The IDBI officials declined to say anything on when the bank will launch its credit card.

We are following the foreign banks where the banks started with the debit card launch and then started their credit card operations. We believe with our technology in place, we will be able to attract large business for our debit card operation, said Mr Bimbhet.