Private Sector lender RBL Bank reinitiated issuing of credit cards with payment network, Visa. The development comes in the wake of its previous partner, Mastercard being banned from onboarding new customer for non-compliance with data localisation norms.
"The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on July 14,2021", the company's press release stated. The bank's head for retail business stated he was confident of achieving their ambition of issuing 1.2-1.4 million credit cards in FY22.
Credit cards contribute 37.5 per cent of the retail book for the lender, which has a 5 per cent market share in the segment. Its credit card book had grown 17 per cent to Rs 12,039 crore as of June, and had 30.69 lakh cards outstanding as of July.
(With inputs from PTI)