Indian Bank has entered the credit card market in India, launching cards for corporations and small and midsize companies, an official from the Chennai-based bank tells PaymentsSource.
“These are the first cards we have ever launched,” he says. “The cards are Visa-branded and will be offered to our existing as well as new business customers.”
The cards will come with an interest-free period for a maximum of 45 days and a revolving credit facility, according to the official.
The bank decided to issue corporate cards first because businesses’ repayment behavior tends to be better than that of consumers, the official adds.
Indian Bank also launched ATM cards for its sponsored regional rural banks–Saptagiri Grameena Bank, Pallavan Grama Bankand Puduvai Bharathiar Grama Bank. “These banks have a total number of 234 branches and over 1.3 million depositors,” the official says, noting the institutions’ mostly rural customers now have access to Indian Bank’s ATM networks.
Dhanlaxmi Bank also recently launched its first credit cards to become a new player in India’s card market (
