GE Money's JV SBI Card Makes Historic Tracks With Indian Railways Through its Subsidiary IRCTC; World's Second-Largest Railway Network Launches First-Ever Frequent Traveler Program and Co-Branded Credit Card for Railway Passengers.BANGKOK, Thailand -- GE Money announced today that it has formed a strategic alliance with IRCTC IRCTC Indian Railway Catering and Tourism Corporation Ltd. (India) (Indian Railways Indian Railways (Hindi भारतीय रेल), abbreviated as IR, is a Department of the Government of India, under the Ministry of Railways, and is tasked with operating the rail network in India. subsidiary) through SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging Card, its joint venture with State Bank of India State Bank of India (SBI) (LSE: SBID) is the largest bank in India. If one measures by the number of branch offices and employees, SBI is the largest bank in the world. Established in 1806 as Bank of Bengal, it is the oldest commercial bank in the Indian Subcontinent. (SBI). Indian Railway Catering and Tourism Corporation Limited (IRCTC), a subsidiary of Indian Railways, and SBI Card will launch its first-ever frequent traveler program and co-branded credit card -- the SBI Railway Card. The world's second-largest railway and the world's largest employer with 1.54 million employees Indian Railways carries over 14 million passengers daily. "The SBI Railway Card was launched specifically to meet the need for efficient payment processes by India's growing number of consumers," said Mr. Roopam Asthana, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of SBI Card. "Our partnership with Indian Railways enables us to serve a whole new segment of customers who want more value from their travel and retail experience." Passengers will be able to use the SBI Railway Card to book tickets online and accumulate points under the new frequent travel program. Online bookings are growing at a rate of 100 percent per year. The card also features a specially-commissioned and exclusive sketch by renowned Indian cartoonist, Shri R K Laxman. "We are pleased to announce this alliance with Indian Railways because it gives us the opportunity to meet the needs of a rapidly growing customer base in India with an exciting and innovative first-of-its kind product," said Vishal Pandit pan·dit or pun·dit n. 1. A Brahman scholar or learned man. 2. Used as a title of respect for a learned man in India. [Hindi pa , President and CEO of GE Money India. GE Money's JV with State Bank of India (SBI), which began in 1998, has experienced double-digit growth by combining SBI's market presence and strength as a trusted brand with GE Money's global expertise in technology, business processes, and international leadership in innovative financial products and services. SBI Cards today has more than 2.3 million cards in force and is India's largest VISA Card issuer. Note to Editors The size of the Indian credit cards market is estimated to be about $4 billion and is growing at 35% per year. Industry experts estimate that the size of the Asia credit card market is about US$150 billion and growing at 15-20% year on year for the next three years. ABOUT GE MONEY INDIA GE Money is one of the leading providers of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to consumers and retailers in India, offering a range of innovative financial products to suit its customers' needs. It has a strong retail distribution network in over 5,500 outlets across 60 locations and is a leader in a wide range of products including auto finance, two wheeler A two wheeler refers to vehicles that run on two wheels. They include, but are not limited to:
ABOUT GE CONSUMER FINANCE GE Consumer Finance, known as GE Money in Asia, is a unit of the General Electric Company. It has more than $150 billion in assets and is a leading provider of credit services to consumers, retailers, and auto dealers in 49 countries around the world. GE Consumer Finance, based in Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://geconsumerfinance.com. ABOUT GE GE (NYSE NYSE See: New York Stock Exchange :GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion