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Shriram-UTI Bank Launches Credit Card
STFC - 14 Feburary, 2007
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FINANCE MINISTER SHRI P. CHIDAMBARAM LAUNCHES
SHRIRAM – UTI BANK CO - BRANDED CREDIT CARD EXCLUSIVELY FOR SMALL ROAD TRANSPORT OPERATORS (SRTOs)
First of its kind initiative undertaken by an NBFC to benefit 1, 00,000 truck owners
New Delhi, 14th February, 2007 : Union Minister of Finance, Shri P. Chidambaram launched the Shriram - UTI Bank co-branded credit card and handed over credit cards to select 11 SRTOs in a function held today. The Shriram - UTI Bank co-branded credit card is a first of its kind initiative undertaken by Shriram Transport Finance Company Limited (Shriram), India’s largest asset financing NBFC, in association with UTI Bank, one of India’s fastest growing private sector banks.
The Shriram - UTI Bank credit card, which is being launched on the VISA platform, will be unique as this is the first time a credit card is being offered to SRTOs in the country.
This co-branded credit card will be very useful to the SRTO in meeting his day-to-day working capital requirements. By using this co-branded credit card, the SRTO can withdraw cash from ATM, buy fuel, tyres, oil, batteries etc., in addition to the usual benefits that are available with other cards.
Dr. P. J. Nayak, Chairman & Managing Director, UTI Bank, said “We are pleased to be associated with this initiative as it gives the Bank an ideal opportunity in the growing co-branded segment to provide value propositions across varied customer profiles. Our co-branded cards offer value, safety and convenience to customers.”
Commenting on the occasion, Mr. R. Thyagarajan, Chairman, Shriram Group, said, “We have chosen to partner with UTI Bank to create a unique co-branded credit card. This partnership will further strengthen the corporate relationship that the Shriram Group has enjoyed with UTI Bank”.
Mr. R. Sridhar, Managing Director, Shriram Transport Finance Company Limited, said “This initiative is another step in our effort to empower the SRTOs, thus deepening our relationship with the customer”.
About UTI Bank
Set up in 1994, UTI Bank is one of the fastest growing private sector banks in the country. The Bank offers a complete range of retail and corporate services, including retail loans, corporate credit, forex services, investment banking, depository services, and investment advisory services.
Presently the Bank has a nationwide network of more than 504 Branches and Extension Counters along with over 2200 ATMs providing 24x7 banking convenience to its customers.
About Shriram Transport Finance Company Limited
Shriram Transport Finance Company Limited, incorporated in the year 1979, is the largest asset financing NBFC in the country enjoying leadership position in the Commercial Vehicle Financing business. The company has more than Rs.10,000 crores assets under its management with a network of 327 branches spread over the entire length and breadth of the country. The company has equity participation from Citicorp, UTI Bank, and reputed private equity funds like Chryscapital and Newbridge Capital.
For further queries, please contact:
Arun Shaw
TRC
Tel: 011 42492100
Email: arun.shaw@ipan.com
R Sridhar
SHRIRAM TRANSPORT FINANCE CO LTD
Email: sridhar@stfc.in
Hemant Kaul
UTI Bank
Tel +91 98212 83646
Email : hemant.kaul@utibank.co.in
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