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Oriental Bank of Commerce (OBC) has forayed into the credit card segment through a tie-up with SBI Cards. The co-branded credit cards, which would be both magnetic stripe and chip based, would be rolled out through OBC branches around Diwali.
Although OBC has been a late entrant in the credit card segment, it has the benefit of latest technology—cards with chip security, Mr Nagesh Pydah, Chairman & Managing Director, OBC said at the MOU signing event here. The chip in the credit card would help prevent fraudulent usage due to possible cloning of credit cards.
The Memorandum of Understanding (MOU) was signed by Mr R.M.Sharma, General Manager (corporate strategy& Planning), OBC and Mr Kadambi Narahari, CEO, SBI Cards and Payments Services Private Limited here today.
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