Mumbai: IDBI a public sector bank has launched a "IDBI Magic Card." It encompasses the features of a Debit Card with a credit limit. This charges much less than a regular credit card. In India, IDBI Bank is the first bank to launch such a product. The card is expected to be a game changer in the market of cards. According to the Chairman and Managing Director of IDBI Bank R.M. Malla, the phenomenal rise in country's young population and increased demand for banking services, Innovation and customer satisfaction have become key parameters to succeed in the Indian banking sector. IDBI Bank Magic Card facility will boost the usage of plastic money in the country. Also, this form of combination will lead to massive reduction in hassles faced by people in managing their transactions through multiple cards. Only the eligible salary account holders will be offered the card. The credit limit for this card would be a multiple of the monthly salary earned by the card holder. There is no processing fee for the card, and will not be charged for cash withdrawals. The daily limit of IDBI magic card is 50, 000 from any bank ATM or purchase transaction. There would also be loyalty points for amount spent for purchases and insurance cover for lost/stolen/counterfeit cards.