RBL Bank is intending to quit issuance of cobranded charge card in collaboration withBajaj Finance The step does not substantially alter the financial institution’s prepare for charge card organization development, consisting of brand-new issuances and invests. RBL Bank will certainly remain to service the existing profile of about 3.4 million co-brand charge card provided under this collaboration, while guaranteeing smooth consumer assistance.
The financial institution’s charge card breakthroughs stood at 17,538 crore in Q2FY25, up 17 percent year-on-year.
“We are looking at growing the cards book. This does not materially change our card acquisition strategy, we have put in place new co-brand partnerships,” stated Jaideep Iyer, Head – Strategy, RBLBank reported BusinessLine
The financial institution has varied variety of co-branded charge card collaborations consisting of with NBFCs such as Mahindra & & Mahindra Finance, TVS Finance, along with customer brand names like IOC and IRCTC. “From cards, our excitement is more towards how we can cross sell our products to card customers, and we are already beginning to do that,” Iyer stated.
Customers will certainly delight in the very same advantages, benefits connected with their existing cards. Upon revival, these Bajaj Finance Co- branded cards will certainly be editioned as RBL Bank top quality charge card.
Expanding impact
In the previous one and a fifty percent years, RBL Bank has actually substantially broadened its charge card issuance capacities through straight networks along with with brand-new cobrand collaborations.
The financial institution has, nevertheless, decreased its dependancy on the source of cobrand cards with Bajaj Finance over the last one year from 1.26 lakh card in the month of September 2023 to 37,000 cards provided in September 2024.
RBL Bank had 51.74 lakh impressive charge card sinceOctober Under its collaboration with Bajaj Finance which started in 2016, the financial institution made use of to resource brand-new consumers.
The collaboration was a vital engine with the financial institution sourcing as high as 75% of its charge card provided with this collaboration in 2020.
