Canara Bank ties up with MasterCard for three new cards

Canara Bank on Wednesday launched three premium card variants in association with MasterCard to expand its card base from the present level of 3.3 million. 

The bank launched Canara Credit Card World for customers with net annual income of Rs 7.50 lakh. Canara Business Debit Card is a global debit card targeted at SME customers.

Canara International Travel Prepaid Travel Card is a multi-currency prepaid travel card for students travelling abroad for studies. 

It can be loaded with Euro, USD and Sterling Pound in one card. The card is valid for five years with reload facility which is advantageous for frequent foreign travelers.

Briefing reporters, Canara Bank MD and CEO V S Krishna Kumar said: “Multi currency load facility enables the traveller to use the card in local currency in multiple countries saving cross-currency exchange load. On exhaustion of the local currency, the card facilitates inter-wallet currency transfer also which attract cross-currency load, including mark up.”

Canara Bank is to raise Rs 1,500 crore to augment tier-I capital by way of issuing Base-III compliant perpetual bonds.

“We are already in the market with the bond issue and will close the programme next week. We are also getting Rs 570 crore from the government as part of capital infusion plan. With Rs 2,100 crore from government and the market our business expansion will be taken care of during the next financial year,” Kumar said.

The bond issue, which opened on February 16, carries a coupon rate of 9.55 per cent and would close on March 5, 2015. The bank serves its 6.3 crore customers through 643 branches and 8,000 ATMs.