MUMBAI, Aug 12: Bank of India will soon launch a debit card, which will be first of its kind in India. A debit card, as opposed to the ubiquitous credit card, will allow the account holder to draw money only to the extent of his deposit. The card, named `mastero card' is being launched in association with the Mastercard group. According to Bank of India chairman MG Bhide a debit card is more attuned to the psyche of the Indian customer.

Since the limit on spending is the money in the account, it will also free the customer from the usual limits placed on drawals by credit card. At the same time it would also help customers from overspending. Introduction of debit card is part of the attempt by Bank of India to strengthen its credit card business. Bhide reiterated his earlier statement that credit card is going to be a thrust area for the bank. "The business potential of credit cards is not exhausted. There is a great boom in the market," he said.

The bank is in the process of aggressively marketing its cards and is tieing up with other nationalised banks to offer the facility.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.