Two months after the ban on Mastercard, RBL Bank has again started issuing credit cards. For this, the bank has tied up with Visa Payment Network.
Two months after the ban on Mastercard, private sector bank RBL has started issuing credit cards again on Wednesday. For this, RBL Bank has tied up with Visa Payment Network. The Reserve Bank of India (RBI) had banned MasterCard from issuing any new cards for non-compliance with the data localization requirement. This ban was imposed by RBI on July 14.
Many banks were shocked by RBI’s ban on Mastercard
RBI’s ban on Mastercard had shocked many banks including RBL. According to RBL Bank, it had tied up with Visa as soon as Mastercard was banned. The bank is ready to issue credit cards in a very short time. Also Read: 7th Pay commission: Salary of central employees increased by Rs 22,500, benefit of increasing DA
Target to issue 12-14 lakh credit cards in FY 2022
The retail business head of RBL Bank said that in the financial year 2022, the bank has set a target of issuing 12-14 lakh credit cards. We hope that we will achieve this goal. On the other hand, according to Sujai Raina, Business Development Head of Visa in India, the company aims to promote digital payments as well as make credit cards easily available to customers on behalf of banks.
Now the target of issuing one lakh cards every month
Credit cards contribute 37.5 per cent to RBL Bank’s retail book. Which has 5 percent market share in this segment. By June this year, its credit card book had grown by 17 per cent to about Rs 12,039 crore. At the same time, 30.69 lakh cards were outstanding from the bank in July. According to the bank, it has started issuing the card. Now its target is to issue one lakh cards every month.