Financial Daily from THE HINDU group of publications
Tuesday, Apr 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 12, 2005 |
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Money & Banking
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Credit Cards & Debit Cards Centurion Bank plans to launch credit card Our Bureau
Mr Shailendra Bhandari
Bangalore , April 11 CENTURION Bank plans to launch its credit card by the third quarter of the current fiscal. The bank is yet to finalise whether it would launch a proprietary card or tie up for a co-branded card. But a decision would be taken soon, said Mr Shailendra Bhandari, Managing Director. Speaking to newspersons on Monday to announce the opening of the Centralised Operations Centre (COC), Mr Bhandari said that the bank was also in the process of tying with a general insurance company for distributing its product. Centurion already distributes the insurance products of Reliance and Bajaj Allianz. On COC, Mr Bhandari said that the facility would complement the bank's retail branch expansions and enable it to roll out the next phase of its pan-India growth strategy. "The centralised operations would offer tremendous economies of scale and an efficient and controlled service, process and delivery mechanism." With Centurion focused on retail banking and aiming to hit the target of processing 1,00,000 new loans per month in about two months, the volume and the risk assessment - apart from the core responsibilities of bank reconciliation - and custody of documentation would assume mammoth proportions. The facility would act as a back office for the bank's 99 branches that deal in retail assets, branch banking and trade finance activities. It would also help the bank standardise its processing and documentation for smoother handling of business. Centurion Bank recently raised $80 million through GDR, raising its capital adequacy ratio to 20 per cent, said Mr Anil Jaggia, Chief Operating Officer.
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