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Central
Bank unveils
electronic MasterCard
Our
Banking Bureau
28 August 2002
 Hyderabad:
Central Bank of India has launched Central Bank of India
MasterCard Electronic Card, directed at lower-end and
first-time credit card-users, but having more technology
features.
The
bank soon proposes to come out with Global Card for high-end
customers and a special credit card for the next World
Cup series in South Africa, says Central Bank CMD Dalbir
Singh.
The
MasterCard Electronic Card was launched by Andhra Pradesh
Governor Dr C Rangarajan at the Raj Bhavan here on 27
August 2002.
Later,
announcing the all-India launch of CBI-MasterCard Electronic
Card at a press conference along with MasterCard president
(South Asia, West Asia and Africa) J Sannon, Singh said
the electronic card is targeted at youngsters and will
be accepted at merchants having electronic data capture
machines, which facilitate instant credit limit checks
on electronic terminals.
Singh
says 16,000 electronic cards have been issued across India
— 3,000 in Hyderabad alone. The bank has a subscriber-base
of 1-lakh regular MasterCard credit cards and has set
itself a target of 3 lakh by the yearend and 7 lakh by
the next yearend. It is also targeting 1-lakh subscribers
for electronic cards in six months.
 As
an introductory offer, electronic cards are being offered
free of subscription fee for the first year. Targeted
at youngsters, the eligibility limit is fixed at Rs 50,000
per annum income. The card offers facilities l
ke
free lost-card insurance of Rs 25,000 and free accident
insurance cover up to Rs 1 lakh.
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