BoBCards launches Paras with MasterCard

Mumbai: BoBCards Ltd, a wholly-owned subsidiary of Bank of Baroda, and MasterCard International has launched the Paras credit card.

BoBCards Ltd managing director C B Chhaya says the Paras electronic card will be launched in the metros, while the Paras credit card will be introduced in non-metros. "BoBCards is also launching a mass-market MasterCard Electronic card programme specifically targeted at first-time users in India at a nominal annual fee of Rs 300."

Under this programme, the first beneficiary will be BoBCards users, who will have the option to convert to the MasterCard credit card and the MasterCard electronic card programme. Several value-added features will be offered to the consumers, including a revolving credit limit with cash withdrawal facility and accidental insurance cover. Says Bank of Baroda chairman and managing director P S Shenoy: "This is one more step towards offering more sophisticated products to our customers. Our strategy now is to attain a critical mass." Currently, BoBCards has a card base of 1,50,000.