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July 6, 1999
Citibank launches Net banking, debit cardCitibank today unveiled Internet banking after testing a pilot project in Bangalore in which 4,200 customers have completed 18,000 banking transactions through the Web over one year.
The bank also launched its debit card under the 'Maestro' brand. ''Our strategy is to look at banking beyond the realms of delivery platforms,'' Citibank Global Consumer Bank Head, India, Nanoo Pamnani said at the launch of Internet banking.
Though the Internet subscribers' base in India is merely 240,000 it is expected to grow many times over in the next few years.
Internet banking will enable customers to avail of the 24-hour facilities offered by Citibank. Customers can view and print account balances and statements, order cheque books, stop payment on a cheque, pay credit card and utility payments, get latest deposit rates, execute account-to-account transfers and even order drafts.
Through the Maestro debit card, the Citibank customers will be able to access bank accounts from merchant establishments and pay for a wide range of goods and services.
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