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K.R. Srivats

New Delhi , Nov. 23

Punjab National Bank (PNB) plans to come up with its own credit card by March next year. It would soon invite expression of interest (EOI) for a joint venture partner in the proposed credit card venture.

Currently, PNB has a co-branding tie-up with HSBC in which latter is the card issuer and plays the dominant role. Indications are that PNB would withdraw from this tie-up as soon as the joint venture company takes off.

"We have already roped in Ernst & Young, who will help us identify joint venture partner. We hope to finalise a joint venture partner and roll out the product in the next 3-4 months," Mr K. Raghuraman, Executive Director, PNB told Business Line.

In July this year, the bank had decided to set up a joint venture company that would deal with all aspects related to the bank's credit card business.

PNB has recently been on a product launch binge to retain customers and ensure that all financial products are available under one roof.

More Stories on : Credit Cards & Debit Cards | Public Sector Banks | Outlook | Punjab National Bank

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