Central Bank unveils electronic MasterCard

Our Banking Bureau
28 August 2002

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.