Diebold has signed an agreement to purchase Tata Infotech’s ATM manufacturing plant in Goa. In 2002, Diebold and Tata Infotech entered into a contract-manufacturing agreement in which Tata set up a separate facility to manufacture Diebold ATMs in India for distribution by Diebold throughout India, South Asia and Southeast Asia. The facility will be renamed Diebold Goa Manufacturing. The 30,000 square-foot facility is equipped with modern manufacturing equipment, including testing facilities and production and inspection equipment to undertake prototyping and fabrication.
Indian Airlines and American Express have expanded their relationship with the launch of a new credit card. The partners currently issue a standard and a gold AmEx charge card. The new credit card offers 15% savings on all Indian Airlines economy class fares, 10% savings on all business class fares, 5% savings on “Easy Fares,” and an additional 5% saving on all class fares when tickets are purchased
through American Express. New accountholders receive an annual fee waiver for the first year by applying before August 31st. The card offers an interest rate of 1.9% per month or 22.8% per annum.
A British reporter was able to purchase credit card information on 1,000 U.K. cardholders in India for $5,000. The Sun newspaper reporter says the information was supplied by Delhi call center staff working for major British credit card issuers. The Sun says the information was provided on a CD and included names, dates of birth, telephone numbers, addresses, passwords, answers to security questions, as well as the CVV/CVC security code. The reporter said the supplier usually charges about $7500 for information on 1,000 accounts and said he could supply 2,000 accounts per month.
FMCG Hindustan Lever has teamed with ICICI Bank to launch a
co-branded credit card. The card is targeted at consultants of the Hindustan Lever Network. The “ICICI Bank-Hindustan Lever Network Card” offers a customized rewards program. Hindustan Lever Limited is a subsidiary of Unilever. The company’s business sprawls from personal and household care products to foods, beverages and specialty chemicals. The company has a dominating market share in most categories that it operates in such as toilet soaps, detergents, skincare, hair care, color cosmetics, etc. It is also the leading player in food products such as packaged tea, coffee, ice cream and other culinary products.
Jodhpur in Rajasthan was the location for the filming of VISA International’s new TV commercial which features Richard Gere. The commercial will be aired across Asia Pacific. India will be the first market to go on-air in both English and Hindi on all major channels.
The commercial reflects the beauty, scenery and the imagery of India and
brings together a cast and crew that is a blend of the best of East and
West. The central theme of “Birds” is based on the spirit of generosity
and the giving spirit demonstrated through the ritual of letting birds
go free to bring good luck to a relative or friend embarking on a
journey, a ritual that runs across several different cultures in the
Asia Pacific region including India. Mumbai-based Ranjit Barot composed the earthy and rhythmic music for the commercial, which was produced and developed by VISA’s advertising agency BBDO Clemenger, Australia with support and collaboration from Stratum Films of Mumbai.
Mumbai-based Zenta, the sixth largest business process outsourcing company in the country, has been acquired by Dallas-based H-Cube. Zenta’s current services include credit card servicing. H-Cube was formed in January by GTCR Golder Rauner in partnership with Henry Hortenstine, the former EVP Affiliated Computer Services. GTCR plans to invest up to $100 million in equity capital in H-Cube’s expansion. Zenta, with 2,600 employees in Pennsylvania and India, is H-Cube’s first acquisition. Priya Hiranandani, the founder of Zenta, will continue to serve as CEO. GTCR also has investments in TNS, VeriFone, Syniverse, TransFirst and Retriever Payment Systems.
HDFC Bank has joined the Cashnet shared ATM network. HDFC Bank operates the fourth largest ATM network in the country with 1,167 ATMs, serving approximately 3 million cardholders. Cashnet is operated by Euronet and is the largest nationwide multilateral shared ATM
network in the country. HDFC Bank is the tenth member bank to join the network. Euronet plans to have the HDFC Bank ATMs live on the Cashnet network by the end of May, with the establishment of an online connection between the Bank and its operations center in Mumbai.
Jammu and Kashmir Bank Limited has launched a credit card and Internet banking division. The new “Global Access” MasterCards are available in “Gold,” “Silver,” and, “Blue.” JK Bank currently issues a “Maestro” debit card that is accepted at 50,000 POS terminals at merchant establishments across India and 8 million worldwide. JK Bank has a network of 487 branches/offices within India and more than 130 ATMs.
The Reserve Bank of India is asking credit card issuers to clean up their act with the implementation of new guidelines. The RBI’s new credit card policy includes better disclosure of terms and conditions using simple language and penalties for making a misleading card offer. The guidelines also address privacy issues, telemarketing practices and unsolicited credit cards. The RBI has also asked the Indian Banks Association and other credit card issuers to develop a code of conduct.
The RBI says it has been receiving a growing number of complaints about credit card issuers operating in the country.
Indian Airlines and Citibank have teamed to offer an equated monthly installment program. Consumers can make payments in ten interest free “EMIs.” The EMI tickets can only be purchased through Indian Airlines offices in Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. The deferred payment option is available for any Indian Airlines or Alliance Air Domestic/International economy class service on a rupee tariff.
Phoenix-based Hypercom Corporation announced that ICICI Bank of India has purchased 5,000 “T7Plus” EMV-certified credit/debit card payment terminals. The terminals and associated software will be rolled out to retail merchants throughout the country over the next two months. The “T7Plus” model accepts all magnetic stripe and EMV cards, providing fast authorization of online transactions with “One-Touch” shortcut keys for quick access to functions and transactions. ICICI Bank is India’s second largest bank with an asset base of Rs 1462.14 billion as of December 31,2004. Hypercom delivers complete card payment terminal, network access device, server and transaction networking solutions worldwide.
HMA has agreed to sell India Switch Company to eFunds International India for $17.5 million. India Switch Company provides
ATM managed services through its TRIMS (Total Retail Infrastructure Management Services) operations. It is one of three companies in the country providing third party EFT processing through its “CashTree” and “BANCS” shared interchange networks. HMA is a privately-held group of companies with experience of providing end-to-end solutions for debit services to the Indian retail banking sector. Noshir Kathok, an EFT industry veteran with 30 years of experience, has returned to India to head eFunds’ business development activities.