HDFC Bank and Escotel launch co-branded international debit card

Company press release, August 21, 2003

New Delhi

HDFC Bank Ltd, one of India's leading private sector banks and Escotel, the leading cellular service providers in Kerala, U.P (W) & Uttranchal and Haryana, have announced the launch of the HDFC Bank Escotel Co-branded International Debit Card. The Debit Card, a first of its kind in India, offers customers a rich bouquet of benefits from both Escotel and HDFC Bank.

Announcing the launch of the Debit Card, Mr. Neeraj Swaroop, Country Head, Retail Banking, HDFC Bank said, With this alliance we intend to offer our customers in Kerala one of the most comprehensive and advanced Debit Card facilities. This is also in keeping with our commitment to proactively assess customer needs and deliver innovative services.

HDFC bank has also offered to waive off 1% processing fee on HDFC Bank personal loans and 2% on HDFC Bank two-wheeler loans. Espousing a social cause, the 2 companies will also be donating Rs 2 to PETA's compassionate citizen program against every co-brand card issued in Kerala.

For an Escotel customer, whether prepaid or post paid, the Debit card will come virtually free, as the Rs 150 paid towards the cost of the card will be credited back to him as talktime by way of first free credit of Rs 100 upon registration and second free credit of Rs 50 on first usage of the Debit card at merchant outlets within 31 days of card issuance.

Speaking on the occasion, Mr. Rajan Swaroop, Chief Executive Officer, Escotel, said, It has always been our effort to provide our customers with value that goes far beyond the normal benefits of mobile usage. Which is why we have entered into this tie-up with HDFC Bank to give our customers a whole range of benefits and value-additions. We are sure the HDFC Bank Escotel Debit Card will find wide acceptance among our customers.

Some of the other benefits being offered comprise of 1 loyalty point for every Rs 100 spent by the debit card at merchant outlets, an additional loyalty point for payment through co-branded card at Escotel outlets, personal accident cover of Rs 2,00,000 which starts one month after first usage of the card at merchant outlets,special discounts / value-additions at restaurants/garment stores and much more.

Among the exclusive benefits being offered to postpaid customers is the waiver of Rs 532 activation fees along with waiver of National roaming rental worth Rs 1200 for lifetime. On the other hand, the Prepaid customer gets an exclusive offer of credit of Rs 50 worth of talktime on his first 5 recharges .

Commenting on the new facility, Mr. Sonjoy Mohanty, Chief Officer - Marketing & Customer Care, Escotel said, This is for the first time that a cellular service provider is offering such a facility to its customers. And true to its tradition of innovation, Escotel has lead the way in providing the Debit Card facility which translates into great benefits for our customers.

About Escotel: Escotel Mobile Communications Limited is a joint venture of Escorts Limited, one of the leading industrial houses in India, and First Pacific Company Limited of Hong Kong. Escorts Limited holds 51 per cent stake in Escotel, while First Pacific holds the balance 49 per cent. Escotel operates cellular phone services in Uttar Pradesh (West), Uttranchal, Haryana and Kerala circles and has a combined customer base of over 6,25,000 customers. At present, Escotel provides coverage in 180 towns, highway coverage in 77 towns and 3000 villages in U.P. (West), Haryana and Kerala - the widest in these circles. Escotel has established the most extensive roaming tie-ups in the country and provides service in more than 1000 cities and major highways with Automatic Roaming. It also provides international roaming in 56 countries across 96 networks. Escotel has also invested in building up an 1800 km long independent microwave backbone to ensure reliability of its service and is one of the few operators in the country to do so. Escotel is the first cellular company in the country to provide Service Guarantee made possible through its Total Quality Management practices and has been recently rated the Number 1 Non-Metro cellular service provider in customer satisfaction in the Mobile Users Survey 2002 conducted by Voice & Data.

About HDFC Bank:HDFC Bank was promoted in 1995 by HDFC, India's premier Housing Finance Company. Since then, HDFC Bank has grown manifold to emerge as India's leading private sector Bank. In a short time, the Bank has provided its customers the complete range of accounts and services such as NetBanking; BillPay facility through PhoneBanking, ATM, and NetBanking; Access to banking and financial transactions over the cellphone through 24-Hour MobileBanking; PhoneBanking; Net-based instant car loans, Personal loans, Loans against Securities; Inter-branch banking; Sweep-In facility from FDs; Cluster Deposits; the International Debit Card; International Credit Card; Advisory Services; and NRI Banking services across the country, among others.

For further information please contact:

RIshu Monga, Sonu Tyagi

e,Lexicon Public Relations and Corporate Consultants Ltd.

Ph:(011) 26223099, 26236603, 26234726

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