Allahabad Bank Provides Customers With Unsurpassed Convenience
With the launch of the
Allahabad Bank International Debit Cum ATM Card

- Allahabad Bank to Issue Over One Lakh Cards In the First Year-

Mumbai, October 7, 2004 : Allahabad Bank, the oldest joint stock bank in India, today announced the launch of Allahabad Bank International Debit cum ATM Card in association with VISA international. The bank plans to issue over one-lakh cards in the first year itself to its Savings Bank and Current Account holders.

Allahabad Bank cardholders can use their card to pay for their purchases over 13 million merchant locations worldwide. Besides doing away with the need for carrying cash for payments at merchant locations, the card will also enable cardholders to withdraw cash at over 870,000 Visa ATMs globally. Inn India, cardholders can use their cards at over 112,000 electronic point of sale terminals that accepts Visa branded cards and can withdraw cash from Allahabad Bank ATMs or over 12,000 Visa PLUS ATMs across India.

Speaking at the launch in Mumbai, Shri O. N. Singh, Chairman & Managing Director of Allahabad Bank said, “ The Allahabad Bank International Debit cum ATM Card can be used by customers at Allahabad Bank ATMs or Visa ATMs plus a range of merchant outlets including shops, restaurants, petrol pumps, airlines and other establishments displaying the Visa logo. Besides being a convenient alternative to cash payments, it is also an efficient cash management tool and is backed by the security features of a Visa product. “

“ We believe the Debit cum ATM card will enable us strengthen our retail portfolio and our relationship with our customer. The move is in line with the banks tradition of providing innovative products and value-added services.” he added.

Santanu Mukherjee, Country Manager- South Asia, Visa International said, “We are delighted that Allahabad Bank will issue the Visa Debit cum ATM Card to its customers. Debit Cards are ‘buy now pay now’ electronic payment tools that deduct funds directly from the cardholders bank account when the card is used for purchases at a merchant. It provides unparalleled convenience , control and security to the cardholder. Around the world, cardholders are using Debit Cards for effective management of the daily expenditure.”

The Allahabad Bank International Debit cum ATM Card will be issued to all eligible accountholders and will be equipped with several add-on features like mini statement, zero lost card liability and free accident insurance of Rs.1 lakh on the primary card. Besides, the banks customers can withdraw cash from any of the Allahabad Bank ATMs free of costs or through Visa ATMs by paying a nominal fee.

Allahabad Bank

Allahabad Bank, emboldened with its 140 years of rich experience is growing at swift pace with all round progress. The Bank has entered into an higher growth orbit and has already set in motion plans for exiting bright future. Allahabad Bank is the first bank in the Eastern Region to have its own ATM switch for connectivity of the ATMs to provide online Anytime Anywhere Banking Facility to its valued customers in 32 major cities. Allahabad Bank is also offering instant Fund Transfer Facility (FTF) from 60 branches in 9 cities spread allover the country. Allahabad Bank is now in the process of implementing Core Banking Solution that will enable the Bank to meet the customers’ e3xpectation by offering abroad range of value added services through ATMs , mobile, telephone, Internet, Call centers.

Visa International

Visa is the world’s leading payment brand generating more than $2.9 trillion in annual card sales. Visa has unsurpassed in more than 150 countries. The Visa organization plays a pivotal role in developing innovating payment product and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is major in Internet based payments and is pioneering the creation of U-Commerce, or Universal Commerce the ability to conduct commerce anywhere, anytime, anyway.

Visa Asia Pacific

In Asia Pacific, Visa has a greater market share than all other payment card brand combined with 62% of all card purchases at the pint of sale being made using visa card. There are currently 203 million Visa-branded cards in the region. During the 12 months ended 31 December 2003, $438 billion was spent at point of sale or withdrawn from ATMs from Asia Pacific using Visa cards.