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Standard Chartered Bank India has signed a deal with India-based Tata-AIG General Insurance to provide coverage for cardholders whose cards are lost or stolen, the bank says. The deal offers cardholders protection worth up to 50,000 rupees (US$1,170 or 755 euros). Cardholders in India can face liability for fraudulent transactions if they cannot prove their cards were lost or stolen. The protection applies to fraudulent transactions for up to 12 hours before a card is reported lost or stolen. Cardholders must choose to sign up for the policy, R.L. Prasad, the bank's head of credit cards and personal loans, tells CardLine Global, without giving details of the policy's costs. The protection applies to charge, credit and debit cards, he says.

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