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BANGALORE, May 7

BANK Muscat International plans to launch a debit card and set up a call centre facility by the middle of the current financial year. Moreover, the bank would look at doubling its customer base to 10,000 and retail business in next six months, Chief Executive, Mr. Samit Ghosh, has said.

The bank is likely to tie up with Visa International for its debit card foray, Mr. Shome Sengupta, head-retail banking said. Moreover, the proposed call centre is likely to be operational in the second half of the current fiscal. Currently, the bank has a small call-centre facility catering to its 3,000 Easy-Life customers. Easy-Life, the retail product, is likely to be the growth driver for new client wins, Mr. Shome added.

The bank reported a deposit of Rs. 175 crore and advances of Rs. 120 crore in the last fiscal. "We are expecting to double our business in the retail segment'', Mr. Shome said.

"We are waiting for the RBI circular on the foreign bank's subsidiary route'', Mr. Ghosh said. Bank Muscat, plans to take up the subsidiary route to expand operations here. The Finance Minister had relaxed norms for branch expansion for foreign banks but the RBI is yet to detail a roadmap to that effect. Once the policy is detailed, there is likely to be a need for recapitalisation. "My expectation is that ceiling will be around Rs. 300 crore and we are pretty comfortable with that'', he added.

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