Indians withdrew $50 bn from credit cards in 2005: Study

Published on Jan 30, 2006 05:23 PM IST

Indians withdrew about $50 bn from their credit cards, including $26 bn through Visa cards, from ATMs in the country last year.

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None | ByPress Trust of India, Chennai

Indians withdrew about $50 billion from their credit cards, including $26 billion through Visa cards, from ATMs in the country last year, Visa International (South Asia) Deputy Country Manager Uttam Naik said on Monday.

In India, there were nearly 15 million credit cards in circulation, which were in the possession of five million people, he told reporters after the Indian Bank launched the 'visa global credit cards', gold and classic in Chennai.

Indian Bank Executive Director B Sambamurthy said the launch was part of the bank's ongoing initiative to provide multifarious banking and financial services to different segments of customers under one roof to add maximum value to their banking relationships.

Priced at a one time fee of Rs.100, the credit cards encompass several benefits including a bouquet of insurance benefits, money back reward points and enhanced operational security. These cards would address the needs of corporate executives, professionals, traders, businessmen and the salaried class.

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