The Hindu Business Line : Co-branded card for truck owners

Shriram Transport Finance Company Ltd has announced the launch of a co-branded credit card in association with UTI Bank. The Shriram-UTI Bank credit card will be launched formally by the Union Finance Minister, Mr P. Chidambaram, on January 6.

About two-thirds of Shriram Transport Finance's loan assets of about Rs 9,000-crore (including those securitised secrutisied off) are loans given for used truck purchases. The VISA card is meant to be sold to small truck owners, who would principally use the cards to buy diesel. Shriram expects to issue one lakh credit cards in one year, it was said at a press conference here.

The co-branded credit card could also be used by the small truck owner to withdraw cash from ATMs, Dr P.J. Nayak, Chairman and Managing Director, UTI Bank, said. Mr R. Sridhar, Managing Director, Shriram Transport Finance Company, said the company expected to raise its loan assets to Rs 15,000 crore in three years.

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