India-based public sector lender IDBI Bank has
launched a combined debit card and credit card, dubbed the Magic

According to IDBI the Magic Card represents a
first in the Indian market.

IDBI Bank chairman and managing director R M
Malla said that the Magic Card would be offered to all new and
existing account holders, with a credit limit of three times of the
customer’s monthly net salary with a maximum daily withdrawal limit
of INR50,000 ($1,112).

Malla added: “IDBI Bank Magic card will boost
the usage of plastic money in the country.”

IDBI will not levy a charge for card
processing or charge customers to withdraw cash from its network of
1,445 ATM’s.

The Mumbai-headquartered lender currently
operates a branch network of 883 outlets; for the current financial
year it has targeted profits growth of 15%-16%.