Question : ICICI Bank has has recentlly introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the Bank.Which one of the following statement is correct regarding this facility ?
(a) ICICI Bank is the first bank in the country to launch this type of facility
(b) ICICI Bank is the second bank in the country to launch this type of facility
(c) ICICI Bank is the third bank in the country to launch this type of facility
(d) ICICI Bank is the fourth bank in the country to launch this type of facility
Answer (a)
Related facts
- ICICI Bank today(6 October 2020) announced that it has introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the Bank.
- The card is available on the Visa platform.
- Customers can use the debit card across domestic online portals and physical POS transactions
- ICICI Bank is the first bank in the country to launch the facility after the RBI allowing banks to issue electronic cards to customers who avail an OD facility, which is of the nature of a personal loan with no specific end-use restriction.
Key benefits of the debit card include:
- Transaction limit: The card offers a maximum daily transaction limit of Rs. 3 lakh each for POS and online transactions.
- Digital card: The Bank provides a digital card to customers, which is made available on iMobile app within one business day.
- Automatic renewal: The card is automatically renewed upon renewal of the LAS account.
Indian banking system
The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks, 44 regional rural banks and 1,538 urban cooperative banks in addition to cooperative credit institutions..
on January 31, 2020, the total number of ATMs in India increased to 210,263 and is further expected to increase to 407,000 by 2021.
Public sector banks’ assets stood at Rs 72.59 lakh crore (US$ 1,038.76 billion) in FY19.
- In 2019, banking and financial services witnessed 32 M&A (merger and acquisition) activities worth US4 1.72 billion.
By — Pankaj Pandey.