ICICI Bank Limited
[Logo] ICICI Bank ICICI Towers
Bandra Kurla Complex
Mumbai 400 051
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News Release December 21, 2000
ICICI Bank Launches "ICICINcash" Debit Cards
ICICI Bank (NYSE: IBN) today launched it's debit card brand named "ICICINcash".
With this, ICICI Bank will have its presence in the entire gamut of card
business including credit cards, smart cards and ATM cards. It launched Credit
Cards in January this year and has already issued 100,000 cards. The bank
launched Smart Card at Infosys Campus at Bangalore in November this year and is
also one of the largest issuers of ATM cards in India with nearly 1 million ATM
cardholders.
The ICICI Bank Debit cards have been launched in association with Visa
Electron. Debit cards provide the customers a safer and convenient alternative
to carrying cash both locally and internationally. The "ICICINcash" debit card
enables direct deductions of the purchase amount from the customer's account
from any VISA merchant establishments and ATMs across the world. In India the
customer can avail of 11,000 merchant outlets and 600 VISA ATMs including 370
ICICI Bank ATMs.
Speaking on the occasion Mr.H.N.Sinor, Managing Director and CEO of ICICI Bank
said, " Debit cards will play a major role in our retail strategy and will be
an important vehicle to source new deposit accounts." Mr. Sinor added,
"initially we will concentrate on debit card issuance which is expected to
touch a number of one million in the next 6 months, making us the largest
issuers of debit cards in India. Thereafter we will shift our focus to driving
usage at merchant establishments for which we already are in talks for
strategic tie-ups."
James Murray, Executive Vice President, South East Asia & Greater China, Visa
International said, "Visa is proud to partner with ICICI Bank for the launch of
ICICINcash Visa Electron debit card. Visa Electron is ideally suited to India
since it provides flexibility, security and immediate acceptance at over 11
million merchant locations and 627,000 ATMs worldwide." "Visa forecasts
tremendous growth opportunities for Visa Electron in the Asia-Pacific region
and particularly in India," he added.
Debit cards have a huge growth potential simply because there are no stringent
credit criteria to be satisfied while availing them. Any customer who has
opened a bank account can qualify for a debit card. The debit card works
exactly like a credit card but with one major difference. It debits the
customer's operative account (e.g.; savings or current or overdraft account)
online at the time of the transaction. The transaction details later appear in
the monthly statement of account.
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ICICI Bank Limited
[Logo] ICICI Bank ICICI Towers
Bandra Kurla Complex
Mumbai 400 051
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The ICICINcash comes with the following features:
o Photo cum signature card that will carry customer's photo and signature
indented on the front of the card. This gives a unique feeling of
personalization as well as extra security at merchant establishments.
o ICICINcash customers will benefit from India's largest single bank ATM
network of 370 ATMs located across 50 cities and towns. These ICICI Bank
ATMs are conveniently located at residential areas, commercial
establishments, airports, petrol pumps and supermarkets and will ensure
round the clock access to cash.
o The ICICINcash reward program is designed to reward the customer for
transactions carried out through the debit card at merchant locations. For
every Rs.100 that is transacted through the debit card at merchant
locations one loyalty point is credited to the customer's account. When
the loyalty points balance accumulates to 100, it will be redeemed to the
customer's account.
o The debit card is easy and convenient to use and its signature-based
format ensures its accessibility at any VISA accepting establishments in
the world.
o ICICI's 24-Hour Call Centre will help customers with product-related
information and lost cards assistance.
o The Lost Card Insurance of ICICI Bank through a tie-up with New India
Assurance protects debit card users from fraudulent usage.
ICICI Bank, a NYSE listed company, is one of India's largest private
sector banks. It has a national presence through 88 branches and 18
extension counters spread over 50 centres. As part of its "click and
brick" strategy it has developed multiple access channels comprising of
branches, ATMs, Call Centres and Internet banking.
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ICICI Bank Limited
[Logo] ICICI Bank ICICI Towers
Bandra Kurla Complex
Mumbai 400 051
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Except for the historical information contained herein, statements in this
Release which contain words or phrases such as 'will', 'would', 'aim', 'will
likely result', 'believe', 'expected', 'will continue', 'anticipate',
'estimate', 'enable', 'enabling', 'intend', 'plan', 'contemplate', 'seek to',
'future', 'objective', 'goal', 'project', 'should', 'will pursue' and similar
expressions or variations of such expressions may constitute 'forward-looking
statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These risks
and uncertainties include, but are not limited to our and ICICI's Group's
ability to obtain statutory and regulatory approvals and to successfully
implement our strategy, the actual growth in demand for banking products and
services, investment income, cash flow projections, our exposure to market
risks as well as other risks detailed in the reports filed by us with the
United States Securities and Exchange Commission. The Bank undertakes no
obligation to update forward-looking statements to reflect events or
circumstances after the date hereof.
For further queries please contact Mohan Shenoi at (022) 6538418 or e-mail at
[email protected]
