Kochi : SBI Cards, the second largest credit card issuer in India announced the launch of a co-branded credit card with Catholic Syrian Bank (CSB). This Kerala based bank has a good reach and popularity among the local customers, especially in the rural areas. SBI is looking to tap into this customer base with the launch of this co-branded credit card.
SBI Cards CEO Roopam Asthana and Catholic Syrian Bank Chairman R Venkataraman said, "The card is a value-packed product which will be accepted at two million Visa outlets across the globe. The card would also offer up to two per cent life time cash back facility and zero surcharge on purchase of petrol."
Other facilities like 'flexi pay', which allows a high value purchase to be repaid in easy installments, sms alerts, e-statements, online account access and access to a wide network of Visa ATM's, 6000 SBI ATM's and 97 CSB ATM's. This credit card launch will add another product to the existing array of SBI credit cards.
The Catholic Syrian Bank Ltd, was launched on 26th November 1920 at Thrissur. During the first two decades of its functioning, the bank concentrated only in Kerala. In August 1969, the Bank was included in the Second Schedule to the Reserve Bank of India Act 1934. In 1975, the Bank attained the status of "A" Class Scheduled Bank when its total Deposits crossed Rs. 25 crores.
More than 75% of the bank's clientele belong to small and economically weaker strata of Society. The Bank has a strong rural base with around 80% of the branches in rural and semi- urban areas. At present, the bank has a network of 345 branches and 1 extension counters which includes NRI/SSI/Industrial Finance and Service branches. The Bank also plans to open more number of branches in a phased manner.