Indian Bank To Enter Corporate Card Business

Published December 15, 2008, 2:00 a.m. EST

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Updated December 15, 2008, 1:00 a.m. EST

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Kotak Mahindra Bank in India plans to issue corporate credit cards by early 2009, a bank spokesperson tells CardLine Global. The bank plans to market the corporate cards to affiliated companies such as Kotak Mahindra Capital Co. and Kotak Securities Kotak Securities Ltd., the spokesperson says. The bank also plans to market the card to Indian corporations with at least 5,000 workers and which span the entire Indian geographic market. Kotak has issued at least 55,000 Visa-branded credit cards since launching its consumer card program in April. The also bank deploys nearly 360 ATMs.

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