Commonwealth Micro Finance (India) Limited (CMFIL), an associate of the U.K.-based Commonwealth Business Council, a non-profit organisation formed through the Charter of 53 Commonwealth Heads of Government, is launching “Commonwealth card”, a multi-purpose pre-paid card in India. The card would provide basic banking services to the un-banked segment of the population.
Addressing a press conference here on Wednesday, Mahesh Ramachandran, Managing Director and Chief Executive Officer, said CMFIL’s Commonwealth cards would attract customers holding other types of cards also due to its security features and convenience. Commonwealth cardholders would get discounts for purchase of goods and services for using the card. To offer financial services in compliance with RBI and government regulations, CMFIL will enter into strategic arrangements with banks such as Repco Bank and other authorised financial institutions.
A large number of business correspondents and agents and merchant establishments would be enrolled to service these cardholders.
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Mr. Ramachandran said the card would be available in both physical and virtual forms. While physical cards could be used in POS (point of sales) and ATMs, the virtual one would enable a customer to use his or her mobile phone.