Indian Bank launches Visa Card for SMEs

The Indian corporate sector, including SMEs, will soon be able to avail the facilities of global cards, thanks to the initiative undertaken by the Indian Bank, a nationalised bank, to provide Visa Card to both the sectors.

A bank release stated: "With the help of this business card, one can avail all the benefits associated with global cards, including insurance coverage and interest-free credit for a stipulated period at a competitive price."

Global cards also help in easing banking transactions for SMEs and help them to avail credit for an interest-free period up to a maximum of 45 days. With this facility, small businesses can also use revolving credit on payment of minimum amount of 10% of the outstanding.

"Global business cards have become imperative for SMEs as they do not only facilitate easy availability of credit, but also help entrepreneurs in operating their accounts from anywhere across the globe in a safe and secure manner," says D. Dasgupta, senior analyst at CMC, a mid-sized research organisation in Kolkata.

Keeping in mind the interest of its rural customers, the Indian Bank has also launched ATM cards for its sponsored Regional Rural Banks (RRBs) in order to ensure that small enterprises in the rural areas can take adequate advantage of its ready cash facility.

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