Private lender Bandhan Bank on Friday forayed into the credit cards business in partnership with Standard Chartered Bank.
Bandhan Bank, which got the universal banking license from RBI over five years back, would provide co-branded credit cards to its account holders only.
"We are launching co-branded credit cards in partnership with Standard Chartered Bank. The cards, in three variants, will be offered to the bank's account holders," MD and CEO of Bandhan Bank, Chandrasekhar Ghosh, said.
"I hope this is a good match. Standard Chartered has a good experience in the credit cards business," he said.
The Kolkata-based lender has a customer base of 40 lakh spread across 1,000-odd branches in the country.
CEO of Standard Chartered Bank, Zarin Daruwala, said it will offer back-end support and look into the credit filters of applicants.
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"We have many co-branded credit cards. But, this is the first time we are going for co-branding with a bank.
"The credit cards business is growing at a rapid pace, due to increased consumer spend. Through the partnership, there is a good space to develop the business," she said.
To a query, Daruwala said Standard Chartered Bank "will take the risk of credit failure".
The credit period offered will be of 52 days, Ghosh added.