RBI bank stock hit 52-week low of ₹147.55 today on BSE announcing that itwill cease issuing co-branded credit cards in partnership with Bajaj Finance. However, the bank will continue to service the existing 3.4 million co-branded credit cards issued under this partnership.
As reported by businessline, this decision will not significantly impact RBL Bank’s overall credit card business growth plans. The bank remains committed to expanding its credit card portfolio through new issuances and increasing card spends.
As of Q2FY25, RBL Bank’s credit card advances stood at ₹17,538 crores, reflecting a 17 per cent year-on-year growth.
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,” said Jaideep Iyer, Head - Strategy, RBL Bank.
Shares RBI bank closed flat at ₹155.95, up 0.61 per cent, while shares of Bajaj finance closed at ₹6,651.10, positive by 1.12 per cent on BSE.