StanChart launches debit card for SMEs

Mumbai, Mar 28 (PTI) Standard Chartered Bank, today said that it has launched its SME Banking World Debit Card, a first-of-its-kind cash management tool that provides convenience, savings and relationship rewards for small-and- medium-enterprise (SME) customers.

This debit card is available to all SME customers having a transactional account with the bank.

"The card is a feature of Standard Chartered's strengthened SME Banking offering launched last year," a press release issued here stated.

The Standard Chartered SME Banking World Debit Card, designed to cater to the specific needs of SMEs, has the feature of being a first-to-market proposition of enabling different limits for different cardholders, thus mitigating the risk due to multiple cards.

The other feature is that a debit card for each account signatory is now possible, thus enabling greater convenience and flexibility in transacting, the release said.

It also a high daily cash withdrawal and spending limit of up to a maximum of Rs 5 lakh to support business spends, which the bank said is the highest in the market. The card also provides international access with global payments at over 30 million establishments and cash withdrawal from more than 1 million ATMs worldwide.

Card holders also get to enjoy complimentary privileges, including Kingfisher Airlines King Club membership, Accor Hotel offers, Hertz Club membership, MasterCard Moments (exclusive offers for spas, golf, wine clubs and tours) and a host of other local privileges pertaining to travel, stay, business solutions, communications and office support, which would be of utmost benefit to SME customers, the release said.

"The strengthened SME banking offering aims to seamlessly meet the evolving financial needs of India's fast growing SMEs and power their aspirations for growth in the Indian and international markets," Standard Chartered Bank SME Banking India General Manager Rakesh Singh said.

Standard Chartered's strengthened SME Banking offering is based on customer-research and aims to provide a comprehensive suite of solutions to cater to the evolving needs of SMEs. It offers one-stop-banking solutions to enterprises and their owners by leveraging the strengths of the bank's consumer and wholesale banking businesses, the release said.

Source: Business Standard