Regional private sector lender, South
Indian Bank (SIB), has launched the SIB Visa International
Debit-cum-Shopping Card.
SIB aims to issue around 400,000 cards in
the first year; it is also planning to roll out a Visa branded
prepaid card.
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The deal represents Visa’s first product
partnership with SIB.
SIB currently has 3 million customers,
about half of whom hold a debit card.
In a separate statement, SBI re-affirmed
its commitment to continue growing its branch network. In the
current fiscal year, it will open 60 new branches, bringing its
network up to 640 units.
By the end of fiscal 2013, it aims to have
around 750 branches.
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