SBI launched its first debit card in Canada

State Bank of India (SBI) has seven branches across Canada, has launched its first debit card in Canada with an aim to increase its clientele profile in the country.

The State Bank of India-Canada (SBIC) - SBI's 100 percent-owned subsidiary – maintains that it has been able to encapsulate about 65 percent of the trade conducted between that country and India.

During the launch of the card SBI chairman O. P. Bhatt said bank is looking at 84 locations globally to increase its association with international business.

He informed that by using debit card customers will be able to withdraw cash at all cash vending machines at SBIC branches, and will be accepted in the US and around world. Customers will be able to use the card for withdrawal in India also; here SBI has 14,000 automated teller machines (ATMs).

Bank sources said SBIC clients can also access other ATMs around the world displaying Interac, Cirrus and Maestro symbols.

Besides, the debit card can also be used for purchases from merchant members in Canada, the US and other countries.

SBIC president and chief executive Arun Nagaranjan said, "The debit card will provide our clients with access to their money around the clock and around the world".


At the promotion of the debit card at a gala dinner Wednesday night, Bhatt, who had flown in from India, said with the launch of debit card SBI’s has completed product profile in Canada 26 years after it started operations in the country.


Currently the Indian economy is growing at a rate of about nine percent with its exports and imports increasing by 20 to 25 percent annually, the SBI chairman informed that his bank is ready for increasing its global presence to meet demands of its business clients.

He added, "Till last year, our international business contributed seven percent to our balance sheet, and about seven percent of our profits. This year, it went up to 10-11 percent. We want to raise this figure to 25 percent in the next five years".

Bhatt informed that SBI have to expand outside India as 50 percent of business houses engaged in international business are banked with it.

"Since we are the largest financial service provider in India, we have to go where our clients do business. We are looking at 84 locations around the world to increase our engagement with international business," he said.

Bhatt added SBIC, in spite of being a 100 percent-owned subsidiary, was in fact a Canadian bank as it was integrated here. "Thus, it enjoyed all the advantages of a Canadian bank and the advantages of its parent bank - the SBI," he said.

"The bank has already captured about 65 percent of the total trade between India and Canada. But given our advantages, we would like to capture a larger percentage."

Bhatt said for the expansion of the business abroad the second area involves capturing the non-resident Indian (NRI) segment - whether it is their remittances or their local businesses.

"Increasingly, SBI is offering facilities of banking transactions for NRIs to meet their requirements such as buying a house in India," he said.

Then the third area of push for the SBI in its proposal for the expansion of global operations is to increase its operations in the retail and corporate sector.

Bhatt also informed SBI has planned more branches in Canada, possibly next year.