Credit cards: Indians withdrew $50 bn

Indians withdrew about $50 billion from their credit cards, including $26 billion through Visa cards, from ATMs in the country last year, Uttam Naik, deputy country manager, Visa International (South Asia) said on Monday.

In India, there are nearly 15 million credit cards in circulation, which are in the possession of five million people, he said after Indian Bank launched the 'visa global credit cards', gold and classic in Chennai.

Indian Bank executive director B Sambamurthy said the launch was part of the bank's ongoing initiative to provide multifarious banking and financial services to different segments of customers under one roof to add maximum value to their banking relationships.

Priced at a one-time fee of Rs100, the credit cards encompass several benefits including a bouquet of insurance benefits, money back reward points and enhanced operational security. These cards would address the needs of corporate executives, professionals, traders, businessmen and the salaried class.