Oriental Bank and SBI have launched co – branded credit cards

By | September 9, 2011

A recent press report said that Oriental bank of Commerce and State Bank of India has launched their co – branded credit cards. Both the banks have already entered into a memorandum of understanding (MoU) regarding this purpose. In his statement Mr. Nagesh Pydah, Chairman and Managing Director said that by the end of March 2012, Oriental bank of Commerce has aimed at issuing 1 lakh credit cards. This target of issuing 1 lakh credit cards would be achieved by the bank by focusing on urban and semi – urban branches.

Mr.Kadambi Narahari, the Chief Executive Officer of SBI Cards said that this was the first co – branded relationship and all the cards would be based on EMV chip. The credit card industry standards such as EMV or Europay, Master Card and Visa would provide the customers with enhanced security both in India and abroad.

The EMV chip in the chip would help prevent the hacking due to possible cloning of the credit cards. Apart from issuing these credit cards to individual customers the tie – up has also envisaged corporate cards for corporate customers of the bank.

Mr. Pydah said that SBI – Oriental Bank of Commerce credit card would be available in Gold and Platinum alternatives. Oriental Bank of Commerce is an India-based bank in Lahore, is one of the renowned public sector banks in India. The bank offers loans such as housing loan, vehicle or car loanpersonal loan, education loan, advances to minority communities – as per sachar committee, list of beneficiaries under agriculture debt waiver and debt relief scheme – 2008.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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