abn amro credit card india

With a larger number of banks issuing plastic, and merchant acquisition business also scoring well with the advent of retail, it is no surprise that card transactions, both debit and credit cards, were up by more than 42 per cent to Rs70,459 crore during 2007-08, according to the latest data from the Reserve Bank of India (RBI).

The RBI's latest numbers testify that growth in plastic money was much higher than the 24.51 per cent recorded in 2006-07. This is in part on account of the greater adoption of banking technology by the public, and because of banks encouraging the use of cards on account of the lower per-transaction cost.

Besides convenience of not carrying cash, the ramping up of ATM networks for both cash and non-cash transactions, and the proliferation of merchant acquisition points across the country by both new organised retail and traditional retail merchants, card transactions have garnered wider acceptance. Additionally, banks have provided incentives such as cash-back schemes and discounts at certain retailers to popularise the use of plastic money.

The use of debit cards, for banks, also ensures that more cash stays in customer's accounts. Also, the card ensures fewer visits to the branch, as most account functions such as cash deposit / withdrawal, cheque deposit, ordering chequebooks and statements, and even funds transfers can be done via the ATM. Also, it is more cost effective for a bank to let a customer use the card, rather than service him at a branch.

Inflation is likely to touch the 13-14 per cent mark by October before beginning to soften, a top banker said.

"Inflation is likely to touch the 13-14 per cent mark by October, but it may soften after that," ABN Amro Bank's India chief, Meera Sanyal, told reporters here today.

She said that despite a slowing down in crude oil prices, inflation in the country was likely to touch the 13-14 per cent mark by October.

"But Inflation should come down post-October," the ABN Amro official said.

Given the good monsoon expectations, there are already signs of food prices coming down, she said.

On corporate growth, Sanyal said that in the medium-term, there may be some slowdown, "but in the longer-term, it will remain robust."

There has been a slight increase in delinquencies in the credit card and personal loan portfolios of banks, she said, attributing this to the prevailing high interest rates.

On ABN Amro Bank's rebranding into RBS, Sanyal said that the bank was in constant discussions with the Reserve Bank on the matter.

"We are in constant touch with the RBI (on the rebranding issue)," she said.

The entire process may take up to the middle of next year, she said.

The India unit of ABN Amro's diamond business, which was taken over by Fortis in the recent buyout of the bank, is temporarily being serviced by the Royal Bank of Scotland (RBS,) until Fortis secures the necessary license to operate in the country.

Fortis, RBS and Banco Santander last year acquired ABN Amro and split the Dutch bank's assets between them, with the diamond group going to Fortis.

The company confirmed with Rapaport News that Fortis has started the application process to receive a banking license in India. As an interim solution, however, RBS, which is taking over ABN Amro's general operations in India, will continue to supply banking services to its diamond clients until Fortis India is up and running.

A company representative stressed that the measure is not permanent. Now you may easily compare all Abn Amro credit card here available in the market also have a deep look on their reward points & cashback ofers.

Credit card fraud is increasing in the UK despite the introduction of chip and pin safety measures. Research into this area has found that criminal gangs formulate to steal and clone credit cards. This type of crime has become very popular which a twenty-five percent increase in the number of cards being defrauded in this way.

In 2007, £535.2 million pounds was stolen by credit card fraudsters, most of which will never be returned to its rightful owner.

The criminal gangs have perfected a system of copying cards, by inserting specially designed "bugging" devices into the cash till terminals which then copy the information contained on the card's magnetic strip as well as the pin code.

The gangs then use this information to create replica cards which they then use in cash points in countries such as India and Morocco where the cash points are unable to tell that they are fakes.

ABN Amro Asset Management (India) today announced the appointment of K C Reddy as its Chief Investment Officer .

Reddy would also be the Fund Manager for ABN Amro Opportunities Fund and ABN Amro Future Leaders Fund, a release from the company said.

"Reddy has had a successful performance track-record in his previous stints and we are sure that his experience and expertise will help us further improve the performance of our local funds," company's Managing Director Nikhil Johri said.

Reddy, a CFA Charter Holder from the USA, is an alumnus of the Indian Institute of Management, Kolkata. He is a qualified engineer with specialisation in computer sciences.

ABN AMRO and India's travel portal MakeMyTrip.com on Wednesday launched a distinctive co-branded credit card, 'Go Card'. The card offers travellers exclusive reward benefits and a comprehensive range of travel-related promotions.

Powered with 'Go Miles,' an exclusive rewards programme, the 'Go Card' allows cardholders to redeem their reward points as cash against any air ticket to any destination or stay at any hotel, when they book their trips on MakeMyTrip official site. Nowadays abn amro credit card is at hike in India because of their low interest rates and unbeatable cashback offers.

Through its 'Accelerated Go Miles plan,' the card users could also earn up to ten times more reward points on purchases made on MakeMyTrip.com. The 'Go Card', which is exclusively on the MasterCard Titanium platform, also offers a comprehensive range of travel related discounts and offers.

Addressing a press conference here, Meera Sanyal, Country Executive, ABN AMRO, said the launch of 'Go Card' was in line with ABN AMRO's endeavour to respond to the ever-evolving needs of its valued customers, who are increasingly demanding innovative solutions that add value to combine leisure and business.

Decks have been cleared for Royal Bank of Scotland (RBS) to retain the private banking unit of ABN Amro in India and Indonesia. This is a departure from the actual deal signed between the acquirers of ABN Amro - RBS, Fortis and Santander - where the Belgian bank Fortis was to get ABN Amro's private banking business, worldwide. Despite the agreement, India and Indonesia have been kept out since Fortis does not have a banking licence in these countries and may not get a new licence anytime soon.

However, Fortis will get an entry into India since it will go ahead with the takeover of ABN Amro's asset management company (AMC) in the first quarter of next fiscal. A consortium of RBS, Fortis and Santander took over the Dutch bank late last year. Under the consortium deal, RBS will get ABN Amro's North American business, excluding LaSalle ABN's US banking operation, which was sold to Bank of America. RBS will also get ABN's European business, excluding some portions. Know more how to compare ABN AMRO credit cards and also check some extreme discounts offered.

Fortis will get its operations in Netherlands, the global private banking business - excluding Latin America - and also the global asset management business. Santander will get Italian bank Antonveneta, Dutch credit firms Interbank and DMC Consumer Finance and most of the Latin American operations.

Foreign fund ABN Amro Bank NV, on Thursday bought 3.56 lakh shares in it major Infosys for over Rs 59 crore in open market transactions.

Abn Amro Bank had acquired 3.56 lakh equity shares at a price of Rs 1,660 each in a block deal at the Bombay Stock Exchange.

In a separate deal, JF Asset Management sold 3.56 lakh equity shares at the same price. Shares of Infosys closed at Rs 1,602.2 down 3.22 per cent on the BSE.

Both the deals were materialised, just a day before Infosys' announced their third quarter results.

The quarterly results of the IT pack were as expected, strong, with the profits up by 25%

In talks with Fortis to retain Dutch bank's division in India.

Royal Bank of Scotland (RBS) is negotiating with Fortis to retain the private banking business of ABN Amro Bank in India with itself.

Globally, ABN Amro Bank is being taken over by a consortium including RBS, Fortis and Santander. According to the global deal, Fortis will be owning ABN Amro Bank's asset management and private banking business.

"RBS is negotiating with Fortis to retain the private banking business of the Dutch bank with itself in India. In India, ABN Amro Bank brings to the table a consumer banking franchise and the private banking business,'' said a banking source. The bank has 28 branches in the country and has received the Reserve Bank of India's (RBI) approval to set up three more branches.

RBS has a growing wealth management business in the region, which serves the rapidly growing number of affluent customers.

Combining with ABN Amro's retail activities in the area, there is a strong opportunity to build businesses in select countries, accelerating the group's wealth management strategy and adding capability to offer credit cards and a potentially broader product range.

"Fortis, which will own the asset management business of the Dutch bank, is also not keen to retain the securities business. Hence, the consortium is evaluating the options of hiving off the equities business to a third party or leaving it with ABN Amro. Fortis has received interest from Nomura, StanChart and Morgan Stanley to acquire the broking business of the bank,'' said a banking source.

source: Business Standard

ABN AMRO Bank N.V (India) today launched the ABN AMRO Platinum Credit Card collection, India's first designer credit cards designed exclusively for ABN AMRO by celebrated designer Rohit Bal.

Targeted at an affluent, sophisticated and discerning customer audience who are demanding aesthetically superior and feature rich products, ABN AMRO Platinum Credit Cards symbolize the highest standards of exclusivity and luxury, backed by the promise of exceptional service and offer cardmembers the unique benefit of customizing their package of financial and lifestyle benefits based on their individual tastes and preferences.

Speaking on the occasion of the launch, Ms. Meera H Sanyal, Corporate Executive Vice President & Country Executive of ABN AMRO in India commented: "At ABN AMRO, our ability to innovate in response to changing paradigms and customer influences has been a key strength of the organization. The juxtaposition of the two worlds of finance and fantasy in creating a unique designer credit card proposition is yet another highlight in this journey. And breathing life into this proposition was the creative genius and inspiration of Rohit Bal and our continued partnership with Mastercard."

ABN Amro's country head Romesh Sobti, the longest serving head of a foreign bank in India, has put in his papers to take over as MD & CEO of IndusInd Bank from Bhaskar Ghose. Mr Sobti's move comes following the takeover of most of ABN Amro by UK's Royal Bank of Scotland (RBS), which will now have to find a new person to head operations in India, one of ABN's top three markets in Asia.

While the grapevine had it that Mr Sobti was to make a shift, the rumours had left many surprised considering that the chief of the Dutch bank had an impeccable track record in corporate lending, while IndusInd Bank was seen as a laggard among new private banks. Mr Sobti had continuously denied those rumours.

There has been a lot of talk recently about taking advantage of 0% balance transfer credit card offers. Applying for a balance transfer credit card can reduce your interest fees and balance transfer credit cards are ideal for the consumer looking to consolidate several credit cards onto a single bill.

If you choose a balance transfer credit card, it can save you a lot. Balance transfers can be helpful to consumers in many ways. Let's face it, a lot of credit card providers are offering a 0 balance transfer credit card, so you are probably looking for a ABN AMRO credit card that stands out from the crowd. First and foremost, understand what a balance transfer is. A balance transfer is when you transfer the balance from one card to another in order to get a better interest rate than the one that you are currently getting. Second, to find the absolute best deals, look to transfer balances on cards where the initial interest rate is 0% and the amount after that is lower than the one you have now. You must also realize that in order to qualify for the best balance transfer credit card deals you must have a solid credit history.

You also need to discern whether or not the zero percent introductory rates are just for balance transfers or include purchases made during this period, and it will be well worth taking your time to understand all of the terms, rates and fees in order to find the best balance transfer credit cards that suit your financial need.

ABN AMRO Bank and MakeMyTrip.com today announced a partnership to launch a co-branded Travel Credit Card 'GO'. This travel card promises to be a unique offering and will provide a wide range of domestic and international travel services as well as offering exclusive promotions around airlines, hotels and holiday packages.

The Card is powered with 'GO Miles', an exclusive rewards program, which gives the user an option of redeeming their reward points against any airline ticket to any destination or stay at any hotel. Also the accelerated rewards advantage helps users to earn higher rewards on transactions made on MakeMyTrip.com.

Speaking on the occasion Mr Sumant Kathpalia, ABN AMRO's Head of Consumer Banking in India said: "Indians are increasingly using online services to plan their travel and book their tickets. Our tie-up with MakeMyTrip.com to launch the co-branded credit card further helps in our outreach to more customers in one of the fastest growing spend categories - travel.

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With the arrest of five men on Saturday, the crime branch claimed to have busted an international airline e-ticketing racket. One of those arrested belongs to Congo. The gang fraudulently used credit card details to purchase air tickets on Internet, said the police.

The five arrested were identified as Vipin Dahal (27), Bhuwan Koirala (28), Darshan Singh (42), Jasbir Singh (32) and Kalendo Ngoy (29), who is from Congo. According to the police, most of the credit card details used to buy tickets were procured from Nigeria.

"The fraud was detected only when the airlines tried to realise their money from the credit card owners. American Express, Delta and Discovery were some of the international cards used. ABN Amro, HDFC, ICICI and SBI credit cards were also misused," said deputy commissioner of police (crime) Madhup Tiwari.

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A recast is expected at ABN Amro Bank India, which could see the bank selling its interests in asset management. The move follows the acquisition of ABN Amro bank in a euro 71 billion deal globally by a consortium of investors led by the Royal Bank of Scotland (RBS), Fortis and Banco Santander.

According to an arrangement worked out among three parties, the Asian operations comes under the control of RBS, which wants to focus on retail banking and corporate banking and credit card business in the coming days.

ABN AMRO Asset Management (India) Ltd has collected about Rs 255 crore in its international equity fund that would invest in Indian and Chinese markets, Managing Director Nikhil Johri said on Friday.

The fund house managed assets worth about Rs 7000 crore at the end of September, data from the Association of Mutual Funds in India showed.

Royal Bank of Scotland yesterday proclaimed a resounding victory in its consortium's fight with Barclays for ABN Amro - announcing that its bid had been accepted by investors owning 86% of the Dutch bank.

This is well above the 80% minimum acceptance level which the Royal consortium had made a condition of its break-up bid.

Royal and its partners, Belgian-Dutch insurer and bank Fortis and Santander of Spain, had on September 28 reserved the right to lower this required level as long as they won a straight majority, but such an adjustment has proved not to be necessary.

London-based Barclays' offer was accepted by shareholders owning just 0.2% of ABN Amro.

Although Royal has credit card and wealth management joint ventures with Bank of China, and has in conjunction with this Chinese partner done about $2bn of corporate banking transactions in this fast-growing economy, it has only two branches, one in Beijing and the other in Shanghai.

ABN has 12 branches and about 1000 staff in China. It has had a business in Shanghai since 1903 and was the first foreign bank to enter the Chinese foreign exchange market.

In India, ABN has 27 branches and some 7000 staff.

Royal's presence in India is confined to a technology centre which it inherited with its acquisition of insurer Churchill.

ABN also has a big presence in the Middle East, with about 1500 staff in the United Arab Emirates and branches in Abu Dhabi, Dubai, and Sharjah.

Social security numbers and other sensitive information belonging to more than 5,000 customers of ABN Amro Mortgage Group have been leaked onto the BearShare file-sharing network by a former employee, according to news reports.

The information, which also included names and mortgage details, appear to have been leaked after a former business analyst for the company installed the file-sharing software on her PC and proceeded to share a large swath of her hard drive with the entire network. Included with five spreadsheets containing the ABN Amro customer data were a resume and travel documents belonging to the woman, who was located in Florida, according to Dow Jones.

It's the second recent incident to underscore how careless some computer users are with file-sharing programs. Several weeks ago, a Seattle man was charged over allegations he used the LimeWire and Soulseek P2P networks as conduits for identity theft. According to court documents, Gregory Kopiloff, 35, used personal information he pulled off other people's computers to establish bogus credit card accounts and fraudulently purchase thousands of dollars of merchandise.

ABN AMRO, a leading foreign bank in Pakistan and Airblue Airlines on Wednesday launched the first co-brand MasterCard, which targets frequent and aspiring travelers.

This card features dual benefits for travelers by combining Airblue Airlines' frequent flyer scheme and benefits of an ABN AMRO credit card. This exclusive card is designed to provide superior travel opportunities to customers on domestic and international routes.

Cardholders of ABN AMRO Airblue MasterCard are eligible for other incentives such as free tickets against spending on the card and by travelling through Airblue.

Incentives to card holders includes priority check-in and baggage handling, bonus BlueMiles, access to Blue Lounge, discounts at leading retail cutlets, Travel Inconvenience Insurance and much more.

Speaking on the occasion, Naved A Khan, Country, Executive of ABN AMRO in Pakistan stated, "ABN AMRO is known for providing its customers with outstanding service.

Dutch banking giant ABN Amro is understood to have tied up with Anil Ambani group firm Reliance General Insurance to sell the latter's products through its network.

Under the exclusive bancassurance tie-up, ABN Amro would distribute Reliance's general insurance products through its bank network and distribution channel.

When contacted, ABN Amro officials declined to comment, but industry sources said an announcement of the partnership could be made very soon. A Reliance Insurance spokesperson was also tight-lipped, saying "we would not like to comment on this".

The deal follows after ABN Amro's similar tie-up with ICICI Lombard General Insurance expired last month.

The sources said such a tie-up helps the bank to offer one more service under its bouquet, while the insurer could get an incremental annual business between Rs 70-200 crore.

This tie-up could be part of ABN Amro's strategy to increase its retail footprint in India and expand its distribution reach by offering a range of insurance products to its customers, they added.

ABN Amro, through its operations in India, offers a diverse range of products including personal loans, credit cards, savings accounts, financial planning, investment and insurance services. With assets over 504 billion dollars, ABN AMRO Bank ranks among the top 10 banks in the world in size and strength.

Reliance General has been among the fastest expanding insurance companies in India recording high growth and aggressively marketing its products to corner sizable market share.

Dutch banking major ABN Amro, the target of a takeover bidding war between Barclays and a consortium-led by Royal Bank of Scotland, on Monday reported a 39 per cent jump in revenues from India in first half of 2007.

Overall, ABN Amro has posted a reported revenue growth of 12.6 per cent at 10,653 million Euro for the first half of 2007 as compared to 9,461 million Euro in the year-ago period.

Despite higher taxes and loan loss impairments, the global major posted an 13.4 per cent increase in adjusted profit for the period at 2,390 million Euro, as a result of strong performance of the BUs Asia, Latin America and Europe, supported by Global Markets and Transaction Banking.

Consumer revenues grew by 53.9 per cent, primarily due to continued growth in the credit card and personal loan portfolios, complemented by aggressive growth in deposit accounts and distribution of third-party mutual funds, the statement said.

Has anyone stolen your card or have you lost it? The first thing you should do is call up the bank's 24-hour call centre. You have to be prompt in your action otherwise, you may end up with a huge outstanding balance if someone else misuses your card.

Lost card: Customer is liable

In India, credit card companies have a provision in their contract with the customer that the company is not liable for fraudulent transactions unless the customer reports the loss immediately. Sometimes, banks provide that cardholders enjoy a zero lost credit card liability only after the loss is reported to the bank in writing/or via telephone.

What does this mean?

'Zero liability' means that you need not pay a single penny if your credit card is stolen or has been subjected to fraudulent practices. However, in India, this liability policy comes into effect only after the customer informs the bank.

When you call at bank's 24-hour call centre number, the tele-banking executive will confirm few personal details to ensure that you are the original card holder. Subsequently, the card is deactivated with immediate effect. After this, you carry zero liability on any fraudulent transactions on your card.

Some banks offer some leeway. ABN Amro Bank, for instance, offers an insurance cover, which takes care of any fraudulent practice till the card is deactivated. The premium of this cover works to around Rs 100 per month. The minimum / maximum amount of the insurance cover is Rs 2,000/Rs 5,000. Says ABN Amro's consumer banking head Sumant Kathpalia, "We do not market the insurance cover along with the credit card. It is optional and the borrower can avail, if needed."

ABN Amro Bank on Saturday launched two credit cards -- Smart Gold Card and Freedom Silver Card -- with Mastercard International and plans to roll out debit cards shortly.
Initially, the cards would be offered in nine cities and then extended to 32 cities as part of efforts to increase the retail banking business in the country, AMB Amro Bank's Chief Executive Romesh Sobti told reporters after the launch.
The cards offer 50 days interest free credit, call-a-draft facility, personal accident insurance and cover on loss due to fire, burglary and purchase protection, air travel and other discounts.
"The launching of debit cards is very much in horizon," he said indicating that the bank would offer the facility of using ATM cards as the debit cards.

ABN Amro Bank NV and MasterCard International have entered into an alliance to launch ABN Amro MasterCard credit cards in India. According to this alliance, MasterCard International and ABN Amro Bank will issue a range of MasterCard credit card programmes including Gold and Standard credit cards and MasterCard electronic cards in India.

Addressing a press conference announcing the tie-up here today, Mr. Romesh Sobti, Executive Vice President and Country representative India, ABN Amro Bank, said the board of the bank had reaffirmed that ABN Amro was committed to increase its presence in India through organic growth and selective acquisitions. MasterCard International will support ABN Amro Bank's credit card initiative in various areas of payment services including operations, marketing, consulting, risk management and sponsoring.

Dutch banking major ABN Amro, the target of a takeover bidding war between Barclays and a consortium-led by Royal Bank of Scotland, on Monday reported a 39 per cent jump in revenues from India in first half of 2007.

Overall, ABN Amro has posted a reported revenue growth of 12.6 per cent at 10,653 million Euro for the first half of 2007 as compared to 9,461 million Euro in the year-ago period.

Despite higher taxes and loan loss impairments, the global major posted an 13.4 per cent increase in adjusted profit for the period at 2,390 million Euro, as a result of strong performance of the BUs Asia, Latin America and Europe, supported by Global Markets and Transaction Banking.

Credit cards have been a major breakthrough in the financial market. Now, credit cards are considered a necessity. Everybody seems to have a credit card. An American even has 9 to 10 credit cards on the average. There's just a lot that you can't do and several benefits that you can't avail if you don't a credit card.
One of the benefits of a credit card is that you can conveniently make your purchases online. Online shopping is very popular nowadays, and you can truly get great deals when you purchase online. The best part is you don't even have to leave your home, you just have to log on to the internet, make a few clicks and in 24 hours to a few days, you'll have your purchase delivered to your home.Credit cards also allow you to buy even if you don't have any cash at the moment.
You can go on a cashless shopping and still be able to avail of great discounts. In fact, by using your credit card, you also get to have the promotions and perks that your credit card company provides. With credit cards, you don't have to carry a lot of money, which can be very dangerous especially if you're going on a vacation.

India's anti-monopoly watchdog has launched a judicial probe against ABN Amro Bank after a preliminary investigation found the lender engaging in deceptive practices in its credit cards business.

The Monopolies and Restrictive Trade Practices Commission, based on the report filed by its investigative arm DGIR, issued a notice asking the bank to reply in four weeks.

Imposing penalties on late payment without ensuring whether or not the monthly statement has reached the user, failure to issue acknowledgement on cheque payments as well furnish details of its grievance redressal machinery were the deceptive practices named by the DGIR in its report.

The card has been designed to enhance the lifestyle of expatriate Indians by providing a wide array of features specifically designed to offer recognition, value and convenience to this client segment.

The credit card offers a wide array of features including; free monthly money-remittances and life insurance that offers protection for the cardholder's family along with a host of India-specific redeemable benefits, such as; free domestic flights on Kingfisher Airlines, rent-free mobile SIM cards and dining discounts at select premier outlets in India.