Page 25 - Banking Finance August 2024
P. 25
PRESS RELEASE
ICICI Bank launches Student Sapphiro Forex Card for Indian students
ICICI Bank announced the launch of its Student Sapphiro parents, instantly, anytime and from anywhere. With this
Forex Card, a premium forex prepaid card crafted specifically card, the Bank has a suite of forex cards for students
for students who are going abroad for higher education. The travelling abroad.
card, powered by Visa, provides exclusive benefits and
Speaking on the launch, Mr. Niraj Tralshawala, Head-
convenience to students as well as their parents to manage Payment Solutions, ICICI Bank said, We are delighted to
education related expenses abroad such as admission fees, offer a new premium forex card with attractive benefits for
course-related fees and other day-to-day expenses including students travelling abroad for education. It offers students
travel, dining and groceries, among others. the triple advantage of payment of tuition and daily
The card offers the freedom of loading and transacting in expenses, digital re-loading of the card by parents from
15 currencies, without any cross-currency mark-up charge anywhere, and additional curated benefits. We believe that
being levied by the Bank, allowing students to conveniently this card empowers students and their parents with a hassle-
travel across the globe even if they load only one currency free and seamless experience for payments abroad.
on the card. This initiative comes in the wake of continuing Mr. Sujai Raina, Country Manager, Visa India said, Visa is
surge in the number of Indian students going overseas for delighted to partner with ICICI Bank to launch the Student
higher education. Sapphiro Forex Card, created for the growing student
The ICICI Bank Student Sapphiro Forex Card comes with an segment opting for overseas education. While they pursue
array of joining benefits up to Rs 15,000, along with their studies, they can conveniently use this card to manage
exclusive privileges. It comes with a welcome kit with two numerous expenses, including tuition, travel, dining, and
cards-- a primary and a replacement card-- that can be groceries. By tailoring card features to the needs of life
activated digitally through iMobile Pay, internet banking or abroad, Visa ensures seamless, safe transactions, complete
by calling the Banks Customer Care in the event of loss/ ease of use and global acceptance. This comprehensive
damage of the primary card. Like any other forex card financial solution addresses the diverse requirements of
offered by the Bank, this card can be reloaded digitally using today's students, making it worry-free so they can have a
iMobile Pay and internet banking by the students and their better study abroad experience.
Exim Bank transfers Rs. 252 crore balance of profit to GoI
Ms. Harsha Bangari, Managing Director, Export-
Import Bank of India (Exim Bank / the Bank),
presented the transfer receipt of Rs. 252 crore to
Honble Minister of Finance and Corporate Affairs,
Smt. Nirmala Sitharaman, representing the balance
of net profit for the financial year ended March 31,
2024, transferred to the Government of India.
During FY 2023-24, the Bank reported significant
growth across key business performance parameters,
reflecting the commitment to support Indias trade
and investment, and developmental priorities of
partner countries. The Bank posted a net profit of
Rs. 2518 crore in FY 2023-24, registering an increase
of 62% over the previous year. In the last five years, the Bank has transferred an amount of Rs. 519.34 crore as balance of net
profit to the Government of India. The Banks paid-up capital is entirely subscribed by the Government of India.
Exim Bank is Indias national export credit agency, fully owned by the Government of India. The Bank is engaged in financing,
facilitating and promoting Indias two-way international trade and investment, and seeks to enhance the international
competitiveness of Indian enterprises.
BANKING FINANCE | AUGUST | 2024 | 23
