Page 49 - Banking Finance September 2024

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the banking and financial services sector. Deepening
financial inclusion, especially in rural areas, and
strengthening digital infrastructure will be essential. We Best Performing Mutual Fund
must also encourage innovation through fintech, foster Globally
public-private partnerships, and promote financial literacy The Fidelity Magellan Fund, under the
across the country. management of Peter Lynch from 1977 to
1990, became legendary for its
As I reflect on the progress we've made, I am optimistic performance. During his tenure, the fund
about the future. The banking and financial services achieved an average annual return of 29%,
sector has already laid a strong foundation for India's outperforming the S&P 500 by a wide
development. With a clear vision and sustained effort, I margin.
am confident that India will achieve its goal of becoming
a developed nation in the coming years.

ICICI Bank launches Student Sapphiro Forex Card for Indian students
ICICI Bank the launch of its ‘Student Sapphiro Forex Card’, a
premium forex prepaid card crafted specifically for students who
are going abroad for higher education. The card, powered by Visa,
provides exclusive benefits and convenience to students as well as
their parents to manage education related expenses abroad such
as admission fees, course-related fees and other day-to-day
expenses including travel, dining and groceries, among others.
The card offers the freedom of loading and transacting in 15
currencies, without any cross-currency mark-up charge being
levied by the Bank, allowing students to conveniently travel across
the globe even if they load only one currency on the card. This initiative comes in the wake of continuing surge in the
number of Indian students going overseas for higher education.
The ICICI Bank Student Sapphiro Forex Card comes with an array of joining benefits up to Rs 15,000, along with
exclusive privileges. It comes with a welcome kit with two cards-- a primary and a replacement card-- that can be
activated digitally through iMobile Pay, internet banking or by calling the Bank’s Customer Care in the event of loss/
damage of the primary card. Like any other forex card offered by the Bank, this card can be reloaded digitally using
iMobile Pay and internet banking by the students and their parents, instantly, anytime and from anywhere. With this
card, the Bank has a suite of forex cards for students travelling abroad.
Speaking on the launch, Mr. Niraj Tralshawala, Head- Payment Solutions, ICICI Bank said, “We are delighted to offer
a new premium forex card with attractive benefits for students travelling abroad for education. It offers students
the triple advantage of payment of tuition and daily expenses, digital re-loading of the card by parents from anywhere,
and additional curated benefits. We believe that this card empowers students and their parents with a hassle-free
and seamless experience for payments abroad.”
Mr. Sujai Raina, Country Manager, Visa India said, “Visa is delighted to partner with ICICI Bank to launch the Student
Sapphiro Forex Card, created for the growing student segment opting for overseas education. While they pursue
their studies, they can conveniently use this card to manage numerous expenses, including tuition, travel, dining,
and groceries. By tailoring card features to the needs of life abroad, Visa ensures seamless, safe transactions, complete
ease of use and global acceptance. This comprehensive financial solution addresses the diverse requirements of today's
students, making it worry-free so they can have a better study abroad experience.”

44 | 2024 | SEPTEMBER | BANKING FINANCE