LIC credit card before end-fiscal: Official

Life Insurance Corporation of India (LIC), which had earlier scheduled the launch its credit card for January will now do so before end-March, a senior company official said.

"We plan to launch our credit card before the end of this fiscal," a LIC spokesperson told PTI here.

LIC has tied-up with Karnataka-based Corporation Bank for its white-labeled credit cards. The bank will be the card issuer.

The launch was deferred due to "some technical reasons," the LIC spokesperson said.

LIC had asked Corporation Bank to sort out the problems before the launch itself so that there were no issues later on, the spokesperson said.

When contacted, a Corporation Bank official said that the bank had sorted out all technical problems and was now ready for the launch.

"The launch was delayed since the card is a white- label credit card which requires some formalities (to be completed). But now we are ready and awaiting the launch date," Corporation Bank's General Manager (New Initiatives), B R Bhat, said.

"In any case, we will launch the credit card in this financial year itself," Bhat said

Source- Economic Times
February 2009

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