SBI launches co-branded credit card with CSB

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Kochi, Oct 26 (UNI) SBI Cards today announced the launch of a co-branded credit card with the Kerala-based Catholic Syrian Bank (CSB) to tap the local bank's wide customer base, especially in the rural areas Announcing the launch of the 'CSB Credit Card' at a press meet here, SBI Cards CEO Roopam Asthana and Catholic Syrian Bank Chairman R Venkataraman said the card was a value-packed product which will be accepted at two million Visa outlets across the globe.

The card would also offer upto two per cent ''life time cash back '' facility and zero surcharge on purchase of petrol.

The card also offers a 'flexi pay' facility where in high value purchases could be repaid in easy instalments.

e-statements, SMS alerts, account access on internet and cash access at 97 CSB, 6,000 SBI and two million Visa ATMs across the globe are its other attractions.

Talking of the wide potential offered by India for '' plastic money products,'' Mr Asthana said the credit card penetration in the country was only 2.8 per 100 people, which was half of the credit card usage in China.

Mr Venkataraman said the CSB, founded in the 1920s, was the oldest private sector bank in Kerala. It had a customer base of 1.2 million, 80 per cent of which was living in rural or semi-urban areas where credit card penetration was quite low.

Both the bankers stressed that 'strategic partnerships' was the way forward to tap a widest possible clientele.

UNI

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