Indian Bank on Monday launched its "Visa Global Credit Card", targeting the young and upwardly mobile. Speaking at the launch, Indian Bank executive director B Sambamurthy said the bank was entering the credit card business at the "tipping point".
"The card business is growing at 40 per cent against a normal credit off take of 22 per cent. Even a two per cent share in the advance and deposit market of two million cards is a modest target," he said.
South Asia deputy country manager Uttam Nayak said, "The small but developing market offered enormous opportunities and credit cards translated into one per cent of revenue from the issuer’s perspective."
Mr Sambamurthy said that the Indian Bank had already implemented the core banking solution in over 300 branches with at least two branches getting networked daily
"The card business is growing at 40 per cent against a normal credit off take of 22 per cent. Even a two per cent share in the advance and deposit market of two million cards is a modest target," he said.
South Asia deputy country manager Uttam Nayak said, "The small but developing market offered enormous opportunities and credit cards translated into one per cent of revenue from the issuer’s perspective."
Mr Sambamurthy said that the Indian Bank had already implemented the core banking solution in over 300 branches with at least two branches getting networked daily