Business Standard

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.

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