CHENNAI, October 9 – Hassle-free banking has now reached members of underprivileged families with the launch of the Commonwealth Card,’ a multi-purpose, prepaid card that can be used for payments and ATM transactions.
Launched by former president APJ Abdul Kalam here on Thursday, the card is being brought out as a collaboration between Repco Bank and Commonwealth Microfinance (India) Limited. According to Mahesh Ramachandran, managing director and CEO, Commonwealth Microfinance (India) Limited, this card would be introduced in 500 shops across Tondiarpet, Washermanpet, Royapuram and Thiruvottriyur in North Chennai.
“We want to extend this to the entire city and then across the state. We are looking at reaching a target of 20 million cards and 2,40,00 customer
touch points by March, 2012,” he said. Card holders could deposit a minimum amount of Rs 90 to complete their purchases at shops which accept these cards and also transfer amounts from one card holder to the number. Kalam, who presided over the event, said the facility would provide convenient financial services at an affordable cost. This view was echoed by members of women’s self-help groups (SHGs) from around the city.
“It takes us nearly half a day to visit the bank, get the required signatures and withdraw money. This card will make it a lot easier for us to buy raw materials to make products,” said I Manimekalai, member of an SHG from Alwarpet.
Category: Payday loans