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Our Bureau

Chennai , Oct. 4

BOBCARDS Ltd, a wholly owned subsidiary of Bank of Baroda, proposes to introduce a prepaid dollar credit card by the end of the fiscal.

Cardholders will have to use it like a debit card - they pay money first to Bobcards and get credit in dollar terms against the card.

To meet an RBI regulation for those who issue such international credit cards, Bobcards has increased its share capital from Rs 20 crore to Rs 100 crore, said Mr S.P. Garg, Managing Director.

He added that the company had recently introduced a number of measures to grow business, such as reducing the interest rate on outstanding amounts from 2.25 per cent to 1.99 per cent (and 1.49 per cent for customers who pay on time) per month.

Bobcards also plans to add 5,000 more merchant establishments this year, which will take the total to 25,000.

Mr Garg said that the total loans taken on Bobcards amounted to Rs 95 crore last March, but had risen to Rs 110 crore now.

The total value of purchases through the 20,000-odd merchant establishments was about Rs 950 crore in March, which is expected to increase to Rs 1,400 crore by the year-end.

More Stories on : Credit Cards & Debit Cards

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