State Bank enters debit card business in Canada
31 Jul 2008
With the launch of State Bank Of India's first debit card in Toronto, Canada, chairman O P Bhatt, led the bank into the Canadian card products market.
This international debit card will allow cash withdrawal at all cash vending machines in SBIC branches in Canada, and will be also be valid in the US and around the world, including India where the SBI has 14,000 ATMs.
Holders of the debit card will also be able to access other ATMs around the world displaying the Interac, Cirrus and Maestro symbols.
At the launch Bhatt said, "The bank has already captured about 65 per cent of the total trade between India and Canada. But given our advantages, we would like to capture a larger percentage." SBI had to expand outside India as 50 per cent of business houses engaged in international business bank with it, he said.
Bhatt said SBIC, being a 100 percent-owned subsidiary, was actually a Canadian bank as it was incorporated here. ''Thus, it enjoys all the advantages of a Canadian bank and the advantages of its parent bank, SBI,'' he said.
Bhatt also said SBI planned to open more branches in Canada, possibly next year.
