Indian Bank to launch Student Credit Card

Tiruchirapalli, July 29 (UNI) Having alredy launched Global Credit Card, Classic Credit Card and Bharat Card, the Indian Bank will soon launch Student Credit Card and Senior Citizen Card, Indian Bank Chairman and Managing Director (CMD) K C Chakrabarty said today.

Addressing a press conference here, Mr Chakrabarty said while the student credit cards would address the needs of the student community, the senior citizen cards would benefit the elderly people.

The bank was in the process of bringing out a novel product beneficial to all the women self help groups tagged with Life Insurance Protection, he said adding that it was also planning to introduce deposit schemes synchronizing the bank centenary year celebrations next month.

Mr Chakrabarty said the successful venture of the bank in spearheading financial inclusion envisaged in December 2005 in the Union Territory of Pondicherry had enthused the bank to replicate it in Cuddalore district. The bank will extend it in Tamil Nadu in 13 districts, where the bank was designated as lead banks.

To a query on any organizational restructuring, Mr Chakrabarty said it was not the case of restructuring or revamping as feared by a section of bank employees and the trade unions. The bank was readjusting the alignment under six-sigma plan and therefore the segments like risk assessment and marketing propositions were grouped under one unit.

Similarly, all the areas like housing finance etc are brought under major centers or under separate systems, he said categorically denying that it was not restructure, he, however, said for administrative conveniences and avoidance of duplication, two circles in Chennai city have been merged into a single circle. In this trend, the present number of 37 circles across the country may become 29 or 28, but assured that it would not at all be a major change in the in-house setup.

He reiterated that the changes planned in the bank would in no way affect the staff or the quality of service rendered to the constituents.

On the issue of consolidation of banks in general as mooted by the Finance Ministry, Chakrabarty was of the opinion that this was not the appropriate time. The banking industry in the country with a whooping population and that too when even 75 per cent of the population yet to be covered with banking services, the consolidation proposals may not be effective or feasible.

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