Axis bank, India's third largest private bank, launched a prepaid card to enable instant on-boarding, cash deposit and withdrawal for the customer.
The card has a limit of loading up to Rs 50,000 as balance. The card is issued at a price of Rs 100 and the charges per transaction range from 1-2 per cent of the amount being transacted.
In tie-up with banking correspondent Suvidha Infoserve, the card intends to serve the migrant population and is built on components of its business correspondent network, instant Aadhaar-based e-KYC and interoperability of the prepaid card, the bank statement said.