Financial Daily from THE HINDU group of publications
Wednesday, Mar 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 23, 2005 |
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Money & Banking
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Credit Cards & Debit Cards Andhra Bank plans life, liability covers for cardholders C.R. Sukumar
Hyderabad , March 22 ANDHRA Bank plans to offer life and liability insurance cover for its credit cardholders. The move comes close on the heels of the Reserve Bank of India appointing a high-level committee to prescribe best practices for credit card issuers. This scheme is being considered as first of its kind in the country. The bank recorded a business turnover of Rs 591.5 crore through its credit card division last fiscal. At the end of December last year, it had 1.4 lakh credit cardholders. The bank is currently extending health insurance facility to its credit cardholders through `AB Arogyadaan' scheme. "We are now planning to offer life insurance and liability covers to our credit cardholders at special discounted rates. Towards this, we are currently at an advanced stage of negotiations with a life insurance major," the bank's Deputy General Manager, Mr V. Sudarsan, told Business Line. . "We expect to introduce the life insurance and liability insurance cover to cardholders by April-end."
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