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RBL Bank on Monday announced the signing of an agreement with Bajaj Finance Ltd (BFL) for the extension of the partnership of co-branded credit cards for 5 years to December 2026.
In FY2018, the Bank had entered into a partnership with Bajaj Finance, launching a series of co-branded credit cards.
Per the Bank’s FY2019 annual report, FY2019 also saw the RBL Bank - Bajaj Finance co-brand portfolio cross the 10 lakh cards mark, making it one of the largest co-branded card partnerships in the country.
A break-up of the bank’s retail loan portfolio shows that exposure to the unsecured credit cards segment is very high, accounting for about 40.55 per cent of its retail loan portfolio of ₹30,784 crore as at September-end 2021.
After credit cards, the lender has the highest exposure to business loans (where the eligibility criteria is that an applicant must own either residence or office in his name or jointly with family members or resides in a residence owned by an immediate family member) at about 30 per cent and to micro-banking at about 16 per cent.
Housing loans are at just 5 per cent of the total retail portfolio.
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