Saturday, November 27, 2010

South Indian Bank and Visa Launch “SIB Visa International Debit-cum-Shopping Card”

Kochi : South Indian Bank (SIB), a rapidly growing private sector bank in India, partnered with Visa, a leading global payment solution provider, to launch the ‘SIB Visa International Debit-cum-Shopping Card,’ . This is the first Visa Debit Card launched by SIB.
Benefits of SIB Visa International Debit-cum-Shopping Card for customer

Convenience: Debit cards are faster and easier to use, than writing cheques, safer than carrying cash and can be used everywhere where Visa products are accepted.
Security: Cardholders are protected by Visa’s multiple layers of security, which include fraud protections; a unique three-digit security code to help ensure the cardholder is in possession of the card when making phone and Internet purchases; and enjoy the security provided by Verified by Visa.
Simplified record-keeping: At issuer discretion, all purchases may be clearly identified on monthly account statements, minimizing the risk of overspending.
Rewards: Customer get access to various privileges, benefits and discounts on using their Visa debit cards for purchases.

The partnership with Visa will provide SIB customers with greater convenience, security and rewards when they use their Visa Debit Cards. SIB customers can access 1.7 millions ATM outlets around the world1, shop at various Visa authorized merchant outlets and avail all the benefits of Visa Debit-Cards. Customers can also use their cards for bill payments, at restaurants, tax payments, charitable contributions or online shopping, ticket booking or bill payments. 

Dr. V. A. Joseph, MD & CEO of South Indian Bank, Mr. Uttam Nayak, Group Country Manager, India and South Asia, Visa and Mr.Abraham Thariyan ,Executive Director of South Indian Bank launched respectively Visa Platinum” ,“Visa Gold” and “Visa Classic”, cards which are  issued in this partnership to match issuer’s liability account segmentation model.

 Speaking on the occasion, MD & CEO of South Indian Bank Dr. V. A. Joseph said, “By launching SIB Visa International Debit-cum-Shopping Card our Bank is entering into a strategic alliance with Visa, the world’s largest retail payment network. The alliance will give our valued patrons, both domestic and Non-Resident Indians, an opportunity to shop, dine, book tickets and pay bills in addition to withdrawal of cash globally. I am glad that this card with its various features will be of optimum use to all our customers.”

1: As on 30 June, 2010. As reported by client financial institutions and therefore may be subject to change; includes ATMs in the Visa Europe territory

Mr. Uttam Nayak, Group Country Manager, India and South Asia, Visa said, ”Visa is glad to partner with South Indian Bank, one of the leading private sector banks in India, and extend the benefits of electronic payments to their large customer-base. This is our first association with SIB and I am confident that we will be able strengthen our partnership with them in the years to come. Through the SIB Visa International Debit-cum-Shopping Card we will offer SIB customers the various benefits of debit cards that they have not experienced before.”

With this present arrangement , any Card holder of any bank can withdraw amounts from ATMs of SIB all over India.Mr.C.T.Davis,Deputy General Manager & Head of the Marketing Division of the Bank also spoke on the occasion .
About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit

About SIB
South Indian Bank (SIB) is one of the leading scheduled commercial banks in India with a strong focus on technology and service delivery. During the global financial crisis when there has been public concern about the asset quality of banks , SIB could bag many a honour for its asset quality.  For example,   Dun & Bradstreet, the world’s leading provider of business information, knowledge and insight   in their ‘Dun & Bradstreet Banking  Awards 2009’ has honoured the  Bank as the “best bank  in asset  quality’in the private sector which  includes  both the new generation as well as the traditional banks.In the “Financial  Express” Awards for “India’s Best Banks”  selected by the global management consultancy, ‘Ernst &Young’ ,South Indian Bank (SIB) has emerged the winner in the traditional banks’ category. SIB has already exceeded 1000 in total banking outlets comprising 611 CBS branches, 422 ATM Centres and 3 Extension Counters.for more information , please visit :

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