Abdul Kalam to launch Commonwealth Microfinance’s prepaid card at Chennai

Address during the launch of Inclusive Banking Services . Source : www.abdulkalam.com

Microfinance Focus, Oct. 8, 2009: Dr APJ Abdul Kalam, former President of India, will formally launch the REPCO Bank co-branded Commonwealth Card at a function to be held at the Centenary Auditorium of University of Madras in Chennai next week.

Commonwealth Micro Finance (India) Limited (CMFIL) is launching ‘Commonwealth Card’, a multi-purpose Prepaid Card in India as part of its endeavour to extend basic banking services to the un-banked segment of the population. CMFIL is an associate of UK-based Commonwealth Business Council, a non-profit organization formed through the Charter of 53 Commonwealth Heads of Government.

The Commonwealth Card would initially be available in the North Chennai region, comprising of Tondiarpet, Washermenpet, Royapuram and 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 and 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 and 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 in chennai, 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, he added.

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