Tired of carrying multiple debit and credit cards and remembering passwords? There's some good news for you on the way.
Public sector lender Central Bank of India will soon launch a flexible card that will perform the dual function of being both a debit and credit card.
What's more, such a card will switch automatically from debit to credit mode when cash runs out in an account.
The card will act as a credit card in case of unavailability of funds in a customer's account and debit card when the account has sufficient funds.
Unlike the current practice of a maintenance fee, this card will be given free to customers.
"We are in the process of making kits for these cards. We expect to launch the card within a month," said S Das Gupta, general managing, Central Bank of India.
"We haven't worked on the details of the card yet but initially the card will be given free to customers."
{{/usCountry}}"We haven't worked on the details of the card yet but initially the card will be given free to customers."
{{/usCountry}}With the use of plastic money on the rise in India, banks are betting big on credit cards.