Commonwealth Micro Finance's Prepaid Card to Offer Banking Services to the Unbanked in India
Dr APJ Abdul Kalam to launch the REPCO Bank co-branded Commonwealth Card at Chennai
Tweet-- Commonwealth Micro Finance (India) Limited (CMFIL), an associate of UK-based Commonwealth Business Council – a non-profit organization formed through the Charter of 53 Commonwealth Heads of Government – is launching ‘Commonwealth Card’, a multi-purpose Prepaid Card in India on 8th October 2009, as part of its endeavour to extend basic banking services to the un-banked segment of the population.
Dr APJ Abdul Kalam, former President of India, will formally launch the REPCO Bank co-branded Commonwealth Card on 8th October 2009, at a function to be held at the Centenary Auditorium of University of Madras. The Commonwealth Card would initially be available in the North Chennai region, comprising of Tondiarpet, Washermenpet, Royapuram & Thiruvottiyur. A large number of Business Correspondents / Agents and Merchant Establishments would be enrolled in that region, to service the Cardholders. Besides, REPCO Bank Branches across Tamil Nadu would also be offering services to the Cardholders. Later on, the Commonwealth Card would be made available across the State of Tamil Nadu and thereafter, across the country, in association with multiple Issuer Banks.
Commonwealth Card would be available in both physical & virtual forms. While Physical Commonwealth Card can be used on POS, ATM and other such devices, the Virtual Commonwealth Card would enable a customer to use his / her Mobile Phone itself to avail of the Mobile Banking & Mobile Commerce services.
Commonwealth Card is one of the most secure cards; the physical Commonwealth Card transactions would be authenticated through PIN and / or Biometric; virtual Commonwealth Card transactions would be authenticated through PIN.
The important benefits of the Commonwealth Card are, secure storage of money, anytime access to the money, instantaneous Card-to-Card Fund Transfer and cash-less purchase of goods & services; later on, the Commonwealth Card would offer such other benefits as micro insurance, health care services, educational grant, Value Added Services, etc.
Addressing a Press Conference here today, Dr Mohan Kaul, Chairman, CMFIL, said, “Our vision is to bring the majority of the economically active adult population into formal banking system, in an economically viable manner, through leveraging technology and innovative business processes. In India, we are targeting the unbanked and under-banked population, which is estimated to be 60% of the country’s population.”
Mr. Mahesh Ramachandran, MD and CEO added “CMFIL’s Commonwealth Cards will be the best solution for those people who do not have easy access to a bank account; further, the Commonwealth Card would also appeal to customers holding other types of Cards, due to its security features and convenience. Commonwealth Cardholders would get discounts for purchase of goods & services for using the Card. “
To offer financial services in compliance with RBI and government regulations, CMFIL will enter into strategic arrangements with banks and other authorized financial institutions. A large number of Business Correspondents / Agents and Merchant Establishments would be enrolled across India to service these Cardholders”.
Notes to Editor
About the Commonwealth Business Council
The Commonwealth Business Council (CBC) was formed in 1997 at the Edinburgh, Scotland, Commonwealth Heads of Government Meeting (CHOGM). Its aim is to utilise the global network of the Commonwealth more effectively for the promotion of global trade and investment for shared prosperity.
The CBC acts as a bridge for cooperation between business and government, between developed and emerging markets and between large and small businesses, concentrating efforts on these specific areas:
· Enhancing Trade
· Mobilising Investment
· Promoting a good Environment for Business and Investment
· Promoting Good Practice in Corporate Governance and Corporate Citizenship
· Facilitating ICT for Development
· Public Private Partnerships
Together, the Commonwealth’s 53 member countries account for 30 per cent of the world’s population and about 25 per cent of its international trade and investment. Commonwealth countries account for 40 per cent of WTO membership.
CBC’s trade development objectives include encouraging trade facilitation and further liberalisation of services; encouraging developing countries to play an active role in the World Trade Organisation, and in new trade rounds, by maximising their negotiating strength through cooperative action.
CBC helps to mobilise investment into Commonwealth countries through measures, including facilitating access to international capital markets; strengthening domestic capital markets; encouraging regional integration; committing the private sector to work together with governments to help achieve a successful market economy for generating investment.
A key feature of CBC is its global membership, comprising corporate members from both developed and developing countries. This gives CBC the capacity to make a special contribution by working with emerging markets and developing countries to achieve economic growth and sustainable development.
CBC has been working to involve private sector engagement in facilitating the implementation of an Information Communications Technologies (ICT) for Development programme. The CBC programme enhances collaborative partnerships between the various stakeholders, including governments, private sector, donor agencies and civil society. Major goals include:
Bridge the digital divide for both social and economic development.
Promote ICT for development in Commonwealth countries. Promote an experience exchange among stakeholders in Commonwealth countries.
Promote business and government cooperation for development.
Create awareness and enhance the knowledge of policy makers regarding economic, technical and legal aspects of implementation of ICT for development.
Provide and facilitate training and capacity building