Where most of the banks have reduced issuing of credit cards due to various reasons, in spite of challenging market conditions, Axis bank a leading private sector lender is planning to increase its credit and debit card base to over 13 million (1.3 crore) by end-fiscal, this was informed by a top official.
Axis Bank's Vice-President - Retail Financial Services Anuj Khosla told press, “We expect to add 24 lakh new cardholders this year. This would take the total card-base to around 1.34 crore. There is a healthy demand for card-based banking products in the market''. Till now bank has issued 1.1 crore cards out of which, 5.5 lakh are credit cards and the rest were debit cards.
Khosla informed bank is in a process of implementing an aggressive strategy to increase its card-base with nearly two lakh debit cards and 35,000 credit cards being added every month. Khosla added last year the banking industry has faced loss due to increase in the number of Non-Performing Assets (NPA) on credit cards, therefore banks have decided to go slow on expanding their credit card-base and to focus more on increasing the debit card business.
Thursday, September 10, 2009
Wednesday, September 2, 2009
PNB to issue 200,000 global credit cards by March 2010
Punjab National Bank (PNB) a public sector lender with an aim to expand its credit card base world wide as well as among high end customers. PNB has aim to issue 200,000 global credit cards by March 2010.
PNB Chief General Manager (Credit Card Venture) Ranjan Dhawan told reporters, "We are targeting to issue two lakh global credit cards to our customers by end of the current fiscal".
Soon the bank will be launching new cards- Corporate and Platinum credit cards. He told, "Corporate Cards will be meant for senior executives of companies who often travel for business purposes. In this category, there will be two cards such as Individual liability and corporate liability".
The second Platinum card will have enhanced benefits for high income group customers (income having between Rs 7 to 10 lakh per annum). He said, "This card will meet the requirements of customers like premium gold membership, lounge expenses etc".
He added, "Trials for these cards are already on and we hope to launch them within next two months".
Earlier in February this year bank has launched the credit cards in association with VISA, bank is already having a card base of 28,000. This card can be used at over 29 million merchant establishments and one million ATMs worldwide which are using VISA as a payment gateway.
As the bank has taken decision of venturing into Card Acquiring Business, Dhawan informed the bank under this program will be providing Point of Sales (PoS) terminals to merchandise establishments which are associated with it.
He further added, "We have sought Expression of Interest for launching this service and we hope to introduce the same within the next 8-9 months".
PNB Chief General Manager (Credit Card Venture) Ranjan Dhawan told reporters, "We are targeting to issue two lakh global credit cards to our customers by end of the current fiscal".
Soon the bank will be launching new cards- Corporate and Platinum credit cards. He told, "Corporate Cards will be meant for senior executives of companies who often travel for business purposes. In this category, there will be two cards such as Individual liability and corporate liability".
The second Platinum card will have enhanced benefits for high income group customers (income having between Rs 7 to 10 lakh per annum). He said, "This card will meet the requirements of customers like premium gold membership, lounge expenses etc".
He added, "Trials for these cards are already on and we hope to launch them within next two months".
Earlier in February this year bank has launched the credit cards in association with VISA, bank is already having a card base of 28,000. This card can be used at over 29 million merchant establishments and one million ATMs worldwide which are using VISA as a payment gateway.
As the bank has taken decision of venturing into Card Acquiring Business, Dhawan informed the bank under this program will be providing Point of Sales (PoS) terminals to merchandise establishments which are associated with it.
He further added, "We have sought Expression of Interest for launching this service and we hope to introduce the same within the next 8-9 months".
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