Financial Daily from THE HINDU group of publications
Friday, May 13, 2005
Financial Daily from THE HINDU group of publications Friday, May 13, 2005 |
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Money & Banking
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Credit Cards & Debit Cards Yes Bank begins retail initiative with debit card Our Bureau
Mr Rana Kapoor (left), Managing Director, Yes Bank, with Mr Sonny Sannon, President, MasterCard International, at the launch of debit cards in Mumbai on Thursday. - - Paul Noronha
Mumbai , May 12 Yes Bank on Thursday announced its foray into retail banking with the launch of the International Gold and Silver debit card. These cards are in partnership with MasterCard International. Speaking to newspersons at the launch of the debit card, Mr Rana Kapoor, Managing Director and CEO of Yes Bank, said a date for the bank's IPO could be fixed only after approval from the Securities and Exchange Board of India. In March 2005, Yes Bank had filed its Red Herring Prospectus with SEBI, to enter the capital market with a public issue of 7-crore equity shares, to raise around Rs 350 crore. About the bank's retail initiative, Mr Rana Kapoor said, "We have started offering retail banking products in a phased manner. We are targeting the customer segment that is high on card usage and wealth management." The Gold card is the first debit card in India to offer zero per cent surcharge on petrol bills at any petrol pump. Both Silver and Gold cards have access to 11,000 ATMs across the country and are accepted across over 1-lakh Point of Sale terminals. Mr H. Srikrishnan, Executive Director, said MasterCard would give Yes Bank good retail penetration, as debit cards have become the biggest growing retail products. The bank also plans to offer partnered cards for business clients in future. About the other retail plans, Mr Kapoor said that the bank has tied-up with Max New York Life for life insurance and plansto tie-up with another private insurance company for general insurance. Internet banking facilities for corporate as well as retail customers are also in the offing. Currently the bank has four branches, two each in Mumbai and Delhi. It plans to open five more in Mumbai, Chennai, Gurgaon, Hyderabad and Ahmedabad.
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