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Our Bureau

Mr A.K. Purwar, Chairman, State Bank of India, with Mr. Rupert Keeley, President & CEO, Visa International (Asia-Pacific), at a press conference in Mumbai on Tuesday. — Shashi Ashiwal

Mumbai , Feb. 24

SBI and Visa International have launched the `Vishwa Yatra Foreign Travel Card', a US dollar-denominated prepaid travel card that is accepted at over 13 million merchant locations with electronic terminals worldwide.

The card provides customers global access to cash in the regional currency, at 850,000 Visa ATMs, worldwide.

Speaking to newspersons today, Mr A.K. Purwar, Chairman, SBI, said: "Our target is to capture at least 35 per cent of the Indian market in this business the next two years; we already own 35 per cent of the foreign exchange market."

The card will be available to all consumers and is aimed at leisure and business travellers.

It is being marketed as a more convenient option for the customer, compared to carrying cash or traveller's cheques.

The load on the card ranges from a minimum of $500 to a maximum of $10,000.

Although the card is denominated in US dollars, cardholders can undertake transactions in any currency anywhere in the world, except India, Nepal and Bhutan. Cardholders can make free balance enquiries through SBI's ATMs, while enquiries through non-SBI ATMs will attract a charge of 45 cents. The balance enquiry facility is also possible through the Internet or mobile phone. A unique feature is the 24-hour international personal accident insurance of Rs 200,000 and medical insurance of Rs 25,000, said Mr T.S. Bhattacharya, DMD, SBI.

More Stories on : Credit Cards & Debit Cards | Public Sector Banks

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