IDBI Bank acquires BNPs merchant portfolio
By Our Banking Bureau | 14 Sep 2002
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This acquisition is in anticipation of the banks launch of its debit card. The banks Visa Electron Debit Card is to be issued to the banks over-6,40,000 customer accounts.
Following the French banks exit from retail banking a few months ago, the merchant-acquiring portfolio, spread across seven cities, was seen redundant.
The merchant acquiring business is estimated at Rs 10,000 crore per annum and is expected to grow at 25-30 per cent annually.
