Corporation Bank launches prepaid travel card

{image-Corporation Bank_09092008.jpg news.oneindia.in}Bangalore, Sep 9: Public Sector Corporation Bank General Manager B R Bhat on Tuesday, Sep 9 said that the Bank proposes to introduce VISA prepaid cards in currencies of various countries.

Announcing the launch of VISA US Dollar prepaid travel cards, he told newspersons that the instrument was aimed at helping travelling public and business executives available in US Dollar, Euro and Pound Sterling. "Currencies of other countries would be included very shortly depending upon the demand," he said. Corporation Bank had entered into a collaboration with J P Morgan for issuing the Card. While the Bank would issue the Card, Morgan would manage the reconciliation abroad, he said.

Mr Bhat said that a number of people travelling abroad had grown by 16 per cent in 2007 and it was expected to grow further by 25 per cent during the current fiscal. Last year eight million Indians had travelled abroad. Total amount spent by these travellers was estimated at USD 611 per capita and it USD 802 per person, according to latest survey.

Stating that there was a tremendous scope for such a Card, he said that the country's net revenue from the foreign exchange was to the extent of USD 10.12 billion. With the net outflow USD 8.24 billion and the net inflow USD 1.24 billion.

Replying to a question, he said Corporation Bank targetted to issue 25,000 cards during the current fiscal.

UNI