HSBC India launches new product for small businesses

July 8th, 2008 - 8:24 pm ICT by IANS  

Mumbai, July 8 (IANS) Hong Kong and Shanghai Banking Corp’s (HSBC) India unit Tuesday launched a new product, HSBC Direct, here for small businesses. “This product, targeted at small businesses and micro-SMEs, will take care of their daily banking requirements with round the clock service available on the internet, telephone and self service machine,” said HSBC India CEO Naina Lal Kidwai.

In Asia, India is the first country to introduce this software-based product, she said

HSBC group general manager Margaret Leung said: “We have implemented this system abroad and it has become very successful. In the UK we have more than 94,000 customers.”

Customers opting for this product can benefit from zero quarterly balances. Besides, there would be no charges for demand drafts through internet banking and no charges for cash withdrawals up to Rs.20,000 from 23,000 Visa ATMS across India.

HSBC India managing director and head of commercial banking Puneet Chaddha said: “There is a new generation of business customers who are tech savvy. HSBC Direct will address the need of small businesses which are the major drivers of Indian economy.”

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