RBL Bank ties up with VISA to issue credit cards; shares up 2.5% from lows

Shares of private lender RBL Bank declined 3.1 per cent to Rs 212 a piece on the BSE on Thursday after banking regulator Reserve bank of India (RBI) on Wednesday barred global card player Mastercard Asia/Pacific Pte Ltd from onboarding new domestic customers on its network from July 22 over non-compliance with local data storage guidelines.

RBL Bank currently issues credit cards only on Mastercard payment network and has approximately 3 million credit card customers. It is the fifth largest credit card issuer in the country with approximately 5 per cent market share.

The shares, however, recovered after the