RBL Bank on November 29 said it has decided mutually with Bajaj Finance to end the issuance of co-branded credit cards under their partnership, the lender said in a statement.
“RBL Bank Ltd and Bajaj Finance Ltd have been in discussion over the last month, and it was felt that synergies through this co-brand partnership have undergone significant change over time,” the statement said.
The bank, however, added that the move won’t change the plans for its credit cards business.
The lender said the move to stop the partnership is in line with its vision to build a diverse range of collaborations with NBFCs such as Mahindra & Mahindra Finance Limited, TVS Finance Limited as well as consumer brands like IOC and IRCTC.
“The bank remains focused on growing its credit card business as a prominent customer acquisition engine.”
The lender said that the RBL - BFL co-brand cards issued till now will continue to operate as usual without any change and the cardholders will remain as the customers of RBL Bank.
“The cardholders can continue to use their cards on the same terms and conditions as at the time of the issuance of such cards,” it said, adding RBL Bank branded cards will be issued after renewal.
The bank will also continue to service the accounts of 34 million cardholders and “ensure seamless customer support”.
In the last 18 months, RBL Bank has significantly expanded its credit card issuance capabilities through both direct channels and new co-brand partnerships. The bank said it has minimized the dependence on the origination of co-brand cards with BFL over the last one year from around 126,000 in the month of September 2023 to 37,000 cards in September 2024.
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