IndusInd Bank partners with ElectraCard Services for credit card program

Ramesh Mengawade, CEO, ElectraCard Services said, “As technology partners, our focus will be to ensure a smooth migration and assist IndusInd Bank to deliver a credit card programme which enhances customer experience”

ElectraCard Services (ECS), a provider of technology and business solutions in the electronic payments domain, signed an agreement with IndusInd Bank to extend technology and processing services for their credit card business effective 1 June 2011.

As technology partners, ECS will cater to various aspects of credit card program with a bouquet of product offerings like comprehensive credit card management solution electraCREDIT, advanced fraud management engine electraGUARD, comprehensive collection solution electraCOLLECT and fraud prevention solution for ecommerce transactions electraSECURE.

IndusInd bank had recently announced its foray into the credit card business, after acquiring a leading foreign bank’s credit card business in India. With this acquisition, the Bank has access to a high quality customer base. ECS, as technology partners will provide the technology, processes and expertise to ensure a seamless migration and meet the Bank’s requirements of delivering fast and secure platform to service its customer base today and in the future, which is expected to see sizable growth.

Ramesh Mengawade, CEO, ElectraCard Services said, “As technology partners, our focus will be to ensure a smooth migration and assist IndusInd Bank to deliver a credit card programme which enhances customer experience. We are confident, that IndusInd Bank, like our other partners in India and international markets will benefit from our knowledge base and innovative solutions.”

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Kotak Mahindra MF introduces 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new issue closes on 8th June

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 49 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenor of the scheme is 370 days.

The new issue closes on 8th June. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Index is the benchmark index. Deepak Agrawal and Abhishek Bisen will be the fund managers for the scheme.

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HDFC Mutual Fund unveils 92 days fixed maturity plan

HDFC Mutual Fund new issue closes on 6th June

HDFC Mutual Fund has launched HDFC FMP 92D June 2011 (1), a close-ended income scheme.

The investment objective of the plans under the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s).

The new issue closes on 6th June. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Miten Lathia is the fund manager.

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