Indian Bank on Wednesday enhanced its card portfolio with the launch of MasterCard prepaid gift and travel cards.
Addressing a press conference here on Wednesday, T M Bhasin, Indian Bank CMD said, the bank plans to sell 100,000 travel cards and 200,000 gift cards by the end of this fiscal.
The gift card can be used at any MasterCard affiliated merchant outlet in India and cardholders can access any Indian Bank ATM for balance enquiry. The card are available in denominations between Rs 1,000 and Rs 50,000 and are valid for one year.
Similarly, the bank is offering prepaid travel cards, which is valid for three years from the date of issue. The travel cards will be available through select foreign exchange authorised branches of Indian Bank and provide facility of multiple reloads.
Meanwhile, Bhasin said that Indian Bank will not be affected much by the restructuring package announced by the Centre for state electricity distribution companies (discoms).
He said the bank has already restructured some of the loans to discoms. and has an exposure of Rs 5,000 crore. Bhasin said, “ Around Rs 2,200 crore has been restructured. As for the remaining Rs 2,800 crore, we have not got any requests.”
The bank has exposures to power distribution companies in Gujarat, Maharashtra, Rajasthan, Haryana, Tamil Nadu and Andhra Pradesh.