Bandhan Bank is planning to enter the credit card business through a tie-up with Standard Chartered Bank (SCB) India, the CEOs of the two lenders announced here at a conference.
Zarin Daruwala, SCB India CEO, said this was the first such partnership for the bank under which they will issue credit cards to Bandhan Bank’s customers.
Chandra Shekhar Ghosh, Bandhan Bank MD and CEO, said three types of co-branded cards would be issued under this partnership. One would be for the mass market, one for the affluent segment and the third for the premium segment. “Standard Chartered will provide back office support,” he said.
Ms. Daruwala said there was space in the growing Indian credit card business. SCB has about 1.2 million cards in India. She said that the cards would be issued to customers who fitSCB’s credit profile for which data analytics would be harnessed. Annual fees, to be initially levied, would be subsequently waived.
“When we started Bandhan Bank four years ago, we started with basic products. We kept adding more as we moved ahead,” Mr. Ghosh said.
