Pvt banks plan to introduce multi-use ATM cards

Md Mazadul Hoque The country's private banks are planning to introduce multi-purpose ATM (Automated Teller Machine) cards with incentives to boost their income, bankers said. The move comes in response to the needs of customers who do not want to carry cash for security reasons and avoiding the risk of getting counterfeit notes. AMM Farhad, Deputy Managing Director at Social Islami Bank Limited (SIBL), said the bank is working on introducing pre-paid cards. "We will introduce prepaid cards next year for university students so that they can pay their academic fees. We're now in talks with several universities to popularise this kind of cards," Mr Farhad said. He said the card holders will enjoy a host of benefits including booking train and bus tickets through debit cards, he said. "We will also introduce hajj card and gift card soon as clients prefer plastic money," Mr Farhad said. "This initiative will help us diversify our income base," he added. Mutual Trust Bank (MTB) has also planned to introduce international card for foreign currency depositors. Head of marketing Mohammed Sami-Al Hafiz said his bank would increase benefits of credit cards starting from next year after demands from customers. "We will broaden the scope of debit cards because more than half of our customers are holding these cards," he said. Head of marketing of First Security Islami Bank (FSIB) Azam Khan noted the bank has only debit card, but it would introduce credit card early next year. Islami Bank is also planning to introduce multiple-use cards in the new year. Deputy Managing Director Abul Bashar told the FE that the bank would introduce 'Khidma' credit card in January. 'Salary card' for corporate level employees would also be launched in the country just after introducing credit card, Mr Bashar said. BRAC Bank has planned to increase facilities of existing credit cards. Syed Mahbubur Rahman, managing director at the bank, told the FE: "We introduce all kinds of cards as per demand of the customers. In September, we introduced cards for farmers." "We may offer credit cards for different income groups to increase the umber of users," Mr Rahman added. Deputy managing director of Eastern Bank Limited Muklesur Rahman told the FE that although the bank has different kinds of cards, it will introduce more cards depending on the market demand. NCC Bank considers delivering cards with new features as part of offering incentives. A high official said the bank would introduce all kinds of cards to keep pace with its competing banks.