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Thursday, Jul 04, 2002

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HDFC Bank launches gold card

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Mr Aditya Puri, Managing Director, HDFC Bank, and Ms Uma Ratnam Krishnan, Country Head-Retail Branch Banking & Credit Cards, at the launch of the HDFC Bank international gold credit card in Mumbai on Wednesday.

MUMBAI, July 3

HDFC Bank launched its International Gold Credit Card here on Wednesday. The gold card has higher limits over the silver card that was launched in February.

The gold card enables one to withdraw cash up to 40 per cent of the credit limit, said Ms Uma Ratnam Krishnan, Country Head, Retail Branch Banking and Credit Cards, HDFC Bank.

The International Gold Credit Card is a VISA card accepted in over 18 million merchant establishments worldwide, she said.

"We are aiming at the affluent segment, the middle and upper middle classes,'' said Mr Aditya Puri, Managing Director, HDFC Bank.

The bank aims to sell 1.25 lakh cards - both gold and silver by March 2003. The card provides travel and health insurance, financial advisory services and travel and entertainment benefits.

"We plan to cross sell the gold card to our preferred customers who number between 35,000 and 40,000, our advisory customers and our high net worth depositors,'' said Mr Neeraj Swaroop, Country Head - Marketing, Retail Lending & Branch Banking.

Referring to the bank's overall strategy, Mr Puri said the wholesale segment contributed chunk of the business. In corporate banking we stick to the top-end corporates, who generate 80 per cent of our business. By focussing on the top-end corporates we are competing with the foreign banks and we are suitably geared for this, he said.

Our business is a mix of the corporate and the retail segments. Retail is a key reason for our growth for the past few years. The bank has done well in the supply chain management and the cash management business, said a senior bank official. The bank plans to add 40 more branches to the network this year, both in tier III cities and in the metros to increase our penetration there, said Mr Swaroop.

In commercial vehicle financing, started six months ago and the credit cards business, the bank is yet to break even, said Mr Swaroop.

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