Citibank Eyes 1m Cards By First Quarter Next Year

Citibank plans to issue 1 million cards by the first quarter of the next financial year, said Ashoke Dutt, Global Consumer Bank Head, Citibank India.

Citibank has a market share of 55 per cent. Out of its market share the bank has issued 1.5 lakh Diners Club Cards. The remaining are the various franchised cards of Visa and MasterCard.

According to Dutt, the Indian credit card market has a potential for 4 million customers. At a growth rate of 25 to 30 per cent, it should grow to 8 to 9 million by the year 2000. He credited the banks success in the card division to heavy investment in infrastructure and client servicing.

 

The bank has a 1,20,000 square feet processing base in Madras and a total network of 500 terminals. There are approximately 450 people working round the clock in its 24-hour banking service. It has 60,000 card acceptance points in India.

Dutt said that a Citibank card-member, travelling abroad, who has to make a payment in India, can make the payment from abroad by dialing a special number and instruct the bank to incorporate the payment. And this is only at the cost of a local call.