LIC CSL launches prepaid gift card in collaboration with IDBI Bank

LIC Cards Services (LIC CSL) has launched a contactless prepaid gift card, ‘Shagun’, in collaboration with IDBI Bank on the RuPay platform. The purpose of this card is to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices and in a future foray into the market of e-gift cards. NPCI partnered with LIC CSL & IDBI Bank for the launch of the Shagun Gift Card on RuPay network.

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About the card:

  • Shagun card, in the initial phase, will be available to LIC and its subsidiaries for official use. The card will be used to facilitate awards and special rewards during official conferences and functions.
  • The Shagun gift card offers customisation in the form of flexible loading of any amount ranging from Rs 500 to Rs 10,000. With this card, the customer can perform multiple transactions within the validity of 3 years.
  • They can also use it to shop online, pay utility bills, book tickets for air, rail, bus, and so on through various mobile wallets and E-commerce portals or apps using this card. The contactless (tap & go) feature of the card is aimed at transforming the transaction experience for users.

Important takeaways for all competitive exams:

  • IDBI Bank CEO: Rakesh Sharma.
  • IDBI Bank Headquarters: Mumbai, Maharashtra.

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