Chennai, May 3 (UNI) The Development Credit Bank Ltd (DCB) today launched its 'M-power' current account in the city.
Speaking to newsmen after the launch, DCB Head Consumer Banking P N Vasudevan said the customer-friendly account came with a host of free services without the hassles of maintaining minimum or average balance requirements.
For an annual fee, the customer can enjoy a rash of free facilities and services, he added.
Chennai city was an important region for them in their overall growth plans as the market had tremendous potential.
As a customer-oriented organisation, DCB will continue to bring value-additions and innovations which will help customers feel the difference.
The product was innovative as it gave enormous freedom to small traders and businessmen to conduct their business without pressure of maintining minimum balance.
'M-power' will enhance the bank's visibility and presence in the retail market and help in speedy acquisition of marketshare among mass and mass affluent segments, he added.
Sweep in/out facility for balance above Rs 50,000, free DD up to Rs 50 lakh a month, free payable at par utilisation up to Rs 50 lakh a month, international debit card, any branch banking facility, free internet, mobile and phone banking and free electronic fund transfer facility upto Rs one crore a month were some of the features of 'M-power.' The bank had access to over 8000 ATMs and 72 state-of-the-art branches and extension counters spread over nine states and two union territories.
As on March 31, 2005, the bank's deposit base was Rs 3,894 crore and the advances over Rs 2001 crore. DCB had about 4.50 lakh customers at the present.
The bank was shortly planning to come out with a IPO for mobilising Rs 300 crore.
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