Bajaj Finance has decided to exit the co-branded credit card space as it has ended its eight-year tieup with RBL Bank and DBS Bank India, which started a couple of years back.
The move comes on the back of a Reserve Bank of India direction that restricted the co-brand partners' role to only sourcing cards, and providing access to the cardholder for the goods/services offered. Collection of dues, an activity which Bajaj Finance has built capabilities over the years, was not allowed by a co-brand partner.
RBL Bank's outstanding credit cards stand at 5.17 million as of October, of which 3.4 million are in association with Bajaj Finance. RBL Bank partnered with Bajaj Finance in 2016 to issue co-branded credit cards for five years. The partnership was renewed for another five years in 2021.
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