Dhanlaxmi Bank has become a new entrant in the ever increasing credit card business. The bank has introduced 2 credit cards, targeting premium segment clients.
The bank has introduced an innovative pay by transaction’ method credit cards. As per this method, instead of a monthly billing cycle the interest free credit is offered for every transactions from the date of transactions. The client receives an interest-free credit for 45 days.
With this facility, the client gets the facility of enjoying an interest-free period of 45 days, thus allowing them the facility of designing their own repayment cycles. A new bill is produced after every transaction and dispatched to the customer address, thus allowing him the alternative of paying the outstanding amount within 45 days from the transaction date.
Giving details about the card at the time of introduction, Amitabh Chaturvedi, MD and CEO, said that retail assets are an essential part of the bank’s expansion plans. The bank intends to introduce more novel client-centric products in the next financial year.
He added, “This year, we will be focusing on our retail business. The retail credit to GDP (gross domestic product) is growing at 10 per cent in India compared with 37 per cent in Malaysia and 59 per cent in Taiwan”.