Private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa’s payment network after two moths of getting hit by the regularity ban on Mastercard.
On July 14th, 2021 The Reserve Bank of India had banned Mastercard from issuing any cards for not complying with data localization requirements. The move had hit a slew of lenders, including RBL Bank which was fully dependent on the American payment company for its credit card business.
Credit Cards contribute 37.5% of the retail book for the lender, which has a 5% market share in the segment. Its Credit Card book had grown 17% to Rs 12,039 crore as of June, and had 30.69 lakh cards outstanding as of July. Visa’s head of business development for India Sujai Raina said the company aims to enable digital payments and help customers avail credit offerings from issuers with ease.