RBL Bank resumes credit cards issuance to new customers

After signing a pact with Visa, now private lender RBL Bank has resumed issuing credit cards to its new customers. It plans to issue 1.2-1.4 million cards in the current financial year (FY22). Its credit card business faced disruptions in July after the Reserve Bank of India placed curbs on Mastercards on on-boarding new domestic customers for breaching norms for data storage. Mumbai-based lender which has a 5 per cent market share in credit cards in India. In July, the bank had indicated that curbs on Mastercards could potentially impact the current run rate of about 0.1 million new credit card issuances per month. It would start issuing credit cards on the Visa payment network post the technology integration which is expected to take eight to 10 weeks.