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State Bank of India reportedly has begun issuing its first debit card in Canada. Bank officials offered no immediate comment about the report from the India-based The Economic Times, which says the State Bank of India-Canada, a subsidiary, operates seven branches. The bank in India issues both MasterCard and Visa-branded cards, but it was unclear what brands the Canadian cards carry. The bank likely expects the card to appeal to nonresident Indians who live in Canada, Prathima Rajan, an India-based analyst for United States-based Celent LLC, tells CardLine Global. "These customers will be already holding an account [with the] bank to transfer money to their dependents in India." India's growing economic power makes further global expansions by the bank likely, Rajan says.

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