ICICI Bank and Subhiksha launch the Food Card

ICICI Bank, India's second largest bank, in association with Subhiksha, India's largest supermarket chain, has announced the launch of the Food Card. The Food Card will be a pre paid card, targeted as an alternate to meal allowances given to employees by companies. So now instead of cash allowances or meal vouchers, The Food Card will allow corporates to ease out administrative issues for employers and also make it convenient for employees to carry and use.
This pre-paid card will be accepted at all Subhiksha outlets in India and select restaurants. The pre-paid card is reloadable card on a monthly basis and allows transactions to be more secure and convenient. The card is first being launched in Delhi and would soon be available in Mumbai, Hyderabad, Bangalore and Gujarat. Ms. Shanta Vallury, Deputy General Manager, Corporate Payment Solutions Group, said, “The Card is truly a one-of-a-kind product, and a proud addition - to ICICI Bank’s comprehensive - bouquet of card products. ICICI Bank has always been providing innovative payments solutions to suit every customer’s need and this is another step in that direction. Today, plastic money has established itself as one of the most convenient ways to access and spend money, and we are delighted to offer a solution that helps cut down the hassle of carrying cash.” Mr. R. Subramaniam, Managing Director, Subhiksha added “ For us, this is another step forward in reaching out to diverse sets of consumers by offering additional value and making Subhiksha the preferred supermarket destination”.

About Subhiksha:

Subhiksha is India’s largest Supermarket and pharmacy chain with over 600 stores spread over Delhi, Mumbai, Bangalore, Hyderabad, Ahmedabad, Pune, Chennai and also the rest of TN, AP, Gujarat, etc. Its business verticals include a Supermarket, Pharmacy, Fruits and vegetables and mobiles. Subhiksha has been at the forefront of a massive expansion with clusters of stores opening up across several cities over the last few months. Subhiksha offers lower than market prices on all branded and unbranded items that it sells including medicines which are offered at a flat discount of 10% to consumers.

About ICICI Bank:

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of over R. 2958.32 billion as on December 31, 2006. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 705 branches and extension counters, 3129 ATMs, call centres and internet banking (http://www.icicibank.com/) to ensure that customers have access to its services at all times.

Courtesy: EconomicTimes
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