Bajaj Finance has a longstanding partnership with RBL Bank and forged a tie-up with DBS Bank India in June 2022 for co-branded credit cards. People aware of the developments say these partnerships weren’t seen as adequate to cater to the company’s existing customer base, which stood at around 60 million as on June 30, 2022. The number of co-branded credit cards in force stood at 2.96 million, or less than five per cent of its customer base. “Bajaj Finance has decided to venture into the credit cards business organically to bridge this gap,” said a source aware of the matter.
However, it is learnt that Bajaj Finance will remain committed to its partnerships with RBL Bank and DBS India. “The company will honour these partnerships and has no intention to terminate its tie-ups with the two banks,” said the person quoted above.
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