Citibank, which has till now been exporting managers for its regional and global operations out of India, has made a beginning with a product concept.
Suvidha, the facility developed by the US financial services conglomerate to spread its reach among small Indian retail customers, will now be adapted and launched in Moscow.
It will thereafter be introduced in other East European cities, according to Anil Wadhwani, business manager in charge of Suvidha.
Citibank is also launching tomorrow its primary dealership outfit for government securities named Citigroup Capital Markets Ltd, announced Sanjay Nayar, CEO for India.
The new organisation will become a comprehensive vehicle or fixed income services. This is being done in anticipation of the rising importance of debt instruments in the Indian financial system.
Within India, Suvidha is being relaunched with added features and facilities. The additional facilities that a Suvidha customer can use are financial planning, international account, a mandate card for the spouse and child above six years, and a co-branded card with Indian Oil.
Suvidha was originally launched to provide customers with just a savings bank account and a charge card.
Suvidha will also be extended to five more Indian cities. It is currently offered in Bangalore, Delhi and Mumbai. Bangalore, where the product was first test marketed, accounts for half the 500,000 Suvidha customers.
The rest are shared between Delhi and Mumbai. While the five cities were not named, it appeared that Hyderabad, Chennai and Kolkata would feature in the list of Suvidha cities.
