Spending
Indian Bank launches prepaid travel, gift cards

Indian Bank planning to sell one lakh prepaid travel cards and two lakh gift cards by the end of this fiscal


Chennai: State-run lender Indian Bank has launched gift and travel cards in partnership with MasterCard, reports PTI.

 

"We are launching two new prepaid card solutions for our customers. These days, carrying cash is biggest risk. Earlier, international traveller’s cheques were handy. But the latest is the travel card," Indian Bank Chairman and Managing Director TM Bhasin said.

 

He said the bank has planned to sell one lakh travel cards and two lakh gift cards by the end of this fiscal.

 

He said the launch of travel and gift cards follow the success of the Platinum Debit cards that were launched by the Chennai-based bank last year.

 

The prepaid gift cards are currently available in denominations of Rs1,000 and Rs5,000 and can be bought at no additional charge, while the travel cards issued in US Dollars come with an initial load of $200, Indian Bank General Manager GN Hegde said.

 

"We have planned to launch general purpose gift cards and multi-currency debit cards in the next few months", he said.

 

The prepaid gift cards would be initially available in select branches of the bank, he added.

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RBI to consider financial restructuring proposals of UCBs

The central bank would consider financial restructuring proposals submitted by UCBs, involving conversion of deposits into equity/IPDI, even if the networth of the bank does not become positive after such conversion of deposits, provided the depositors agree voluntarily for such conversion


Mumbai: The Reserve Bank of India (RBI) said it will consider the financial restructuring proposals of urban co-operative banks (UCBs) for conversion of deposits into equity even if the networth of the bank does not become positive, reports PTI.

 

The RBI considers financial restructuring proposals as an additional option for resolution of banks problem.

 

"...the Reserve Bank would...consider financial restructuring proposals submitted by UCBs, involving conversion of deposits into equity/IPDI, even if the networth of the bank does not become positive after such conversion of deposits, provided the depositors agree voluntarily for such conversion," RBI said in a notification.

 

Earlier, it was required that the proportion of deposits converted into equity/IPDI should be such that the net worth of the bank after reconstruction turns positive.

 

UCBs are required to conform to few norms for financial restructuring, including full protection of the interest of small depositors, conversion of deposits into equity or innovative perpetual debt instruments (IPDI) on depositors consent and non-redemption of shares until the bank achieves risk-weighted assets ratio (CRAR) of 9%, the notification said.

 

Also, post-restructuring, the management of the bank comes in the hands of a board of administrators consisting representatives of individual depositors and professional bankers to ensure proper implementation of reconstruction scheme including recovery of non-performing assets (NPAs).

 

Moreover, such banks have to maintain CRR/SLR on the restructured liabilities.

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