Private sector lender RBL Bank, has tied up with non banking finance company Bajaj Finance BSE 1.21 %, to launch a series of co-branded credit cards for Indian customers. The first of these credit cards is proposed to be launched in the fourth quarter of FY17.
The co-branded cards are targeted at the large segment of people in metros and non-metros who have no credit cards. These will have many customer-friendly features, including no-cost EMI options, easy borrowing rates, digital payment solutions and more. The cards will also boast attractive offers and deals, said the bank in a statement.
With this partnership RBL Bank hopes to strengthen its scale of operations in the credit cards business, and also enable Bajaj Finance, to expand its EMI network, especially in the consumer finance space.
RBL Bank will use digital and API banking technology to offer a flexible and seamless product to customers. On the other hand, Bajaj Finance will offer the co-branded cards to its sizeable base of 18 million customers, which the company said is growing at 25-30% annually. The co-branded credit cards will be available to both existing and new customers of the NBFC.
“We are happy to join hands with Bajaj Finance, a formidable player in the retail lending space, and offer an exciting and attractive credit card service to our customers. Our co-branded credit cards come with a range of benefits, including integration with mobile wallets and coverage of maximum number of establishments. Our credit card business has performed consistently well and we are confident that our new co-branded card will be well-received in light of the demonetisation move,” said Vishwavir Ahuja, chief executive of RBL Bank.