In addition to its co-branded card with Bajaj Finserv, DBS Bank India is now looking to launch its solo proprietary credit card within 2-3 months, according to Prashant Joshi, MD and Head - Consumer Banking Group.
“We have launched our co-branded credit card with Bajaj Finance and we will also launch our proprietary card in the next 2-3 months,” Joshi told businessline.
“It will be focused on ‘DBS Treasures’ to start with wealth management customers and then for all the customers that we have on the deposit side,” he said.
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The lender will initially focus on the individual cards business and later explore business cards after about another two years, Joshi said, adding that this is because the bank wants to first scale the new cards business and understand it before looking at variations within that.
“For now, I think we’ll be scaling up the Bajaj partnership. And as we launch our proprietary card, scaling that these two will be our priority in the next 24 months at least and then we’ll see,” he said.
The bank launched Bajaj Finserv DBS Bank SuperCard in partnership with Bajaj Finserv in June 2022, wherein the entities offer six reward-linked variants of credit cards.
Joshi expects unsecured loans, credit cards, and gold loans to contribute the highest in terms of incremental addition to assets going ahead. As the bank increases its focus on building a retail franchise, unsecured loans and credit cards are expected to comprise 40 per cent of the total loan portfolio over the next two years or so, he said.
Also read:Focusing on gold loans, DBS Bank to strengthen its product portfolio