ICICI Bank to issue debit card in US

In view of the banking needs of Indians moving overseas, India’s second largest bank and largest credit card issuer, ICICI Bank has entered into an agreement with Visa Inc. to issue debit card in United States.

According to the agreement as stated in a press release Wednesday, ICICI’s New York branch will issue Visa debit cards to its global Indian account and other checking account customers.

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“Visa has an unmatched suite of payment products that allows our customers to pay securely and conveniently for every type of purchase. Visa Debit makes an important contribution to enhancing our relationship with our most valued customers,” said G V S Ramesh, Head of ICICI Bank’s US branch.

The Global Indian Account provides customers with simultaneous access to a US$ Checking account that will come with a Visa debit card at ICICI’s New York Branch for use in the U.S. and a Rupee NRE account at ICICI Bank for their use in India, the release said.

“This new debit offering reflects ICICI’s commitment to finding innovative ways to meet the evolving payment needs of its growing and geographically-distributed customer base” said, South Asia, Visa country manager, Uttam Nayak, looking forward to continuing work closely with ICICI.

In March 2008, ICICI Bank opened its first New York branch in midtown Manhattan that focuses on corporate banking, including working capital, treasury solutions, trade finance and long-term lending focusing on India-US business linkages, and the local banking needs of non-resident Indians.