ICICI Bank launches a debit card feature on the visa platform for customers availing the Loan Against Securities (LAS). Using the permitted LAS amount, customers across all domestic merchant establishments can make coherent Point of Sale (POS), and online transactions.
According to the bank’s official statement, ICICI is the first bank in India to launch this facility after the RBI allowing banks to issue electronic cards to customers who provide an Overdraft (OD) facility, which is similar to a personal loan with no specific end-use restriction. Mr. Sudipta Roy, Head- Unsecured Assets. ICICI Bank stated about the strategy that the bank attempts to intensify their customer’s benefit and make banking more moderate and affordable for them. This new setup focuses on providing greater accessibility to the customers to their approved loan amount and enables them to use it more effectively to meet their diverse needs.
The card is another step forward in their effort to improve the digital excellence of the bank to provide developing new features to their customers. The bank is grateful to be the first bank to implement this facility following the instruction issued by the regulator. They believed that these new guidelines will make overdrafts more user-friendly and make the overall experience of the client more liberal and quick. The steps taken to assist the offer to the customers are that the visa debit card will be issued to the customers who avail LAS and will be automatically renewed upon the resumption of the LAS account.
Customers will get a digital debit card within one business day of assisting LAS, which can be accessed on the Bank’s mobile app iMobile. The customers can use the digital card and make use of the online transactions post enabling the performance. The maximum daily transaction limit of ₹ 3 Lakh each for Point of Sale (POS) and online transactions. The physical card will be issued within 7 business days. The existing ICICI Bank customers of LAS will also get this card soon. The benefit of this offer includes an automatic renewal of the card once the LAS account is restored. T R. Ramachandran, Group Country Manager, Visa, India & South Asia, mentioned that RBI’s initiative concedes digital credentials for Overdraft Accounts has come at a relevant time as businesses attempt to recover from the pandemic.