Money & Banking

Rate cut likely in April, says ING Vysya Bank chief

Our Bureau Mumbai | Updated on March 12, 2018 Published on March 29, 2012

Mr Shailendra Bhandari (right), MD and CEO, ING Vysya Bank, and Mr Uttam Nayak, Group Country Manager, India and South Asia, Visa, at the launch of multi-currency prepaid travel card in Mumbai on Thursday. — Shashi Ashiwal   -  Business Line

Mr Shailendra Bhandari (right), MD and CEO, ING Vysya Bank, and Mr Uttam Nayak, Group Country Manager, India and South Asia, Visa, at the launch of multi-currency prepaid travel card in Mumbai on Thursday. — Shashi Ashiwal   -  Business Line

Launches country's first multi-currency travel card

Banks may cut their lending rates in April to the same extent that the Reserve Bank of India reduces repo rates, said Mr Shailendra Bhandari, Managing Director and CEO, ING Vysya Bank. He also said the RBI may cut repo rates by 25 basis points in its April policy.

Mr Bhandari said that credit growth this fiscal is lesser than in the last. The spurt in the latest fortnight is from various segments and could also be on account of banks trying to meet their priority segment target. There has been no fresh demand for credit from new projects.

He was speaking to newspersons on the sidelines of a press conference to launch India's first multi-currency prepaid travel card, jointly with Visa. The card is available in five foreign currencies — US dollar, euro, Australian dollar and Japanese yen. So far Indian banks have been offering travel cards only in single currencies.

Since the ING Vysya card offers five different currencies, cardholders can move funds from one currency to another if required. The card is valid for three years. Cardholders also get an additional card that can be activated in case the first one is lost or misplaced.

The bank is hoping to garner a market share of 4-5 per cent in the travel card segment over the next two-three years, said Mr Uday Sareen, Country Head, ING Vysya Bank.

>priyan@thehindu.co.in

Published on March 29, 2012
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