India-based public sector lender IDBI Bank has
launched a combined debit card and credit card, dubbed the Magic
Card.
According to IDBI the Magic Card represents a
first in the Indian market.
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IDBI Bank chairman and managing director R M
Malla said that the Magic Card would be offered to all new and
existing account holders, with a credit limit of three times of the
customer’s monthly net salary with a maximum daily withdrawal limit
of INR50,000 ($1,112).
Malla added: “IDBI Bank Magic card will boost
the usage of plastic money in the country.”
IDBI will not levy a charge for card
processing or charge customers to withdraw cash from its network of
1,445 ATM’s.
The Mumbai-headquartered lender currently
operates a branch network of 883 outlets; for the current financial
year it has targeted profits growth of 15%-16%.
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