Syndicate Bank, MasterCard tie up for global debit card

By | May 17, 2011

A recent press report Public sector Syndicate Bank has partnered with MasterCard Worldwide to offer a global debit card. The new card is targeted at the bank’s customers and business enterprises.

Reports also said that the bank has entered into a Memorandum of Understanding (MoU) with MasterCard to provide an additional e-payment channel to carry its payment transactions through the MasterCard network.

Mr. Ravi Chaterjee, Executive Director, Syndicate Bank, said that the new facility will facilitate 360 degree solution to all the existing and prospective customers. He said that the bank, with a customer base of 26 million, has aimed to improve customer convenience by offering ‘Maestro Global Debit Card’. He also said that the initiative has given the bank’s customers the option of choosing the Maestro Advantage for their payment needs.

Mr. Chaterjee said the bank’s customers can use their Syndicate Bank-Maestro debit card in over 210 countries and at 31.7 million acceptance locations worldwide.


Reports said that the card has additional security features with compulsory pin authentication at Point-of-Sale (PoS) terminals and merchant establishments.

This is one more unique value-add payment service offered by MasterCard to Syndicate Bank customers. Other than this the bank is meeting varied personal credit requirements of different classes of people through the loan schemes namely SyndNivas (home loan), SyndVahan (vehicle loan), SyndVidya (educational loan), agriculture loans etc.

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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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