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Vysya Bank launches Maestro global debit card

Fakir Chand in Bangalore

The Vysya Bank Ltd, the Bangalore-based leading private bank in the country, has tied up with MasterCard International to launch its Maestro global debit card for providing online PIN-based deposit access program.

Known more for its traditional and conservative banking till it embraced information technology recently in a big way to drive its operations worldwide, Vysya Bank has entered into a strategic alliance with the Bank of Brussels Ltd of the global ING group five years ago, resulting in acquiring about 20 percent equity stake in the Indian bank.

Vysya Bank deputy managing director Bart Hellemans, who is also the nominee of BBL on the bank's management board, told rediff.com in Bangalore on Wednesday that as part of its technology initiatives to offer value added products to its customers, the bank would also be launching its Internet banking later this month.

"We have invested about Rs 600 million during the last two years to shift majority of our operations on the latest banking technology platform. We have lined-up another Rs 250 million investments this year for networking about 200 branches and provide about 60 ATMs across the country by this year-end," Hellemans stated.

Targeting its high-profile corporate and high-end net worth individual customers, the bank will offer the 'Sambandh' debit card facility in major cities and towns, especially in south India where it has a large presence.

"The Maestro card will enable our valued customers to access their money from anywhere and anytime directly on all the 365 days of the year for transacting any business or services as the cards are accepted globally where MasterCard International has its locations," Hellemans affirmed.

Incidentally, for MasterCard the tie-up with Vysya Bank is the first of its kind with an Indian private bank of the older generation. "We are in talks with 7-8 more banks across the country to provide Maestro facility for their customers," MasterCard International vice-president and country manager Sameer Vakil claimed.

The Vysya Bank debit cardholders will also be able to withdraw cash through about 2,200 MasterCard Maestro or Cirrus network of ATMs and the countrywide Swadhan network of over 1,000 ATMs belonging to the Indian Banks Association. The service has no entry or annual charges.

"The customers will have access to about 60,000 merchant establishments across India and over 6 million worldwide with whom MasterCard has tie-up for its Maestro and Cirrus network," Vakil said.

To strengthen its capabilities and garner new clients in a competitive environment, intensified by technology driven initiatives, the bank will continue to introduce additional products and services. For instance, its Self Bank product offers 24x7 personal banking service.

Asked about the prospects of BBL acquiring majority or controlling stake in the bank in the light of the RBI's clearance to foreign banks for holding 49 percent stake in Indian banks, Hellemans said the negotiations were still on and it was too early to spell out the details.

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