RBL Bank & Mahindra Finance Launch Co-Branded Credit Card
By Rediff Money Desk, Mumbai Oct 28, 2024 17:26
Mahindra Finance and RBL Bank partner to launch a co-branded credit card, offering customers benefits across various categories. The move comes amidst concerns about credit card portfolios.
Mumbai, Oct 28 (PTI) Non-bank lender Mahindra Finance on Monday announced that it will be launching a co-branded credit card with RBL Bank.
Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs.
The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets.
A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards.
Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank.
"Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive director Rajeev Ahuja said.
Through the partnership, Mahindra Finance aims to tap into the growth potential, aligning with the adoption of e-commerce and technological advancements seen even in non-metro locations, a statement said.
Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs.
The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets.
A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards.
Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank.
"Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive director Rajeev Ahuja said.
Through the partnership, Mahindra Finance aims to tap into the growth potential, aligning with the adoption of e-commerce and technological advancements seen even in non-metro locations, a statement said.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 8.25 (+ 7.56)
- 69420086
- GTL Infrastructure
- 1.96 ( -1.01)
- 47792089
- Srestha Finvest
- 0.63 ( -4.55)
- 39336100
- YES Bank Ltd.
- 20.56 (+ 5.98)
- 31525072
- G G Engineering
- 2.06 ( -3.29)
- 29768305
MORE NEWS
North East Bank Completes Slice Acquisition
North East Small Finance Bank has acquired consumer payments and lending company Slice,...
JSW Infrastructure Q2 Profit Up 40% to Rs 374...
JSW Infrastructure reported a 40% rise in Q2 net profit to Rs 374 crore, driven by...
Hester Biosciences Q2 Profit Doubles on Strong...
Hester Biosciences reported a two-fold jump in Q2 profit driven by higher divisional...