Canara Bank has launched three card variants in partnership with MasterCard, targeting the high income group, small and mid-size businesses and students headed for overseas education.

The Canara Credit Card World is targeted at high-end customers with minimum net annual income of ₹7.5 lakh and comes with additional security features. The Canara Business Debit Card is aimed at SME businessmen and is laced with higher daily cash withdrawal and purchase limits for meeting the higher spend pattern of business segments.

The Canara International Travel Prepaid Card is designed to suit the travel needs of foreign travellers and students pursuing studies abroad.

This multi-currency prepaid card is valid for five years and enables the traveller to use the card in local currency in multiple countries saving the cross-currency exchange load.

Launching the new cards, Canara Bank MD and CEO VS Krishna Kumar reiterated the bank's commitment for providing new facilities to customers in tune with growing customer expectations. Canara Bank currently has a card user base of 3.3 million. The bank serves its 6.3 crore customers through 643 branches and 8,000 ATMs.

Ari Sarker, Division President for MasterCard in South Asia, said the newly launched multiple cards are targeted at the fast growing segments. MasterCard has been working with Canara Bank since 1996.

Capital infusion Later speaking to newspersons, Krishna Kumar said the bank was currently in the process of raising ₹1,500 crore through tier-I bonds.

“We expect to close the issue by next week,” he said.

The Centre has decided to infuse ₹570 crore capital in Canara Bank recently. Also, the bank may go in for a ₹3,000-crore QIP (qualified institutional placement) sometime early next financial year, he added.

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