On Wednesday, Poonawalla Fincorp Limited, a non-banking finance company promoted by Cyrus Poonawalla group, announced that it has received permission from the Reserve Bank of India (RBI) to issue a co-branded credit card in partnership with IndusInd Bank. The company plans to launch this credit card within the next three months.
Abhay Bhutada, Managing Director of Poonawalla Fincorp, expressed optimism about the partnership with IndusInd Bank. He said that this collaboration would be a game-changer and would add a new dimension to their range of financial products for India's tech-savvy and financially astute customers. He assured that the company believes in ethical lending with complete transparency and no hidden charges while engaging with its customers.
The co-branded credit card is primarily designed for customers who have a favorable credit history. The application and approval process for the co-branded credit card will be completely digital, reflecting the broader trend of digitization in the financial sector. Poonawalla Fincorp, in collaboration with IndusInd Bank, promises unique best-in-class product offerings with the co-branded credit card.
Poonawalla Fincorp Limited has been operational for nearly three decades and is listed on both the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE). As of June 30, 2023, the company had standalone assets under management (AUM) of ₹ 17,776 crore. It provides various financial services, including pre-owned car finance, personal loans, business loans, loans against property, supply chain finance, machinery loans, medical equipment loans, and consumer loans.
Following the announcement of the collaboration between Poonawalla Fincorp and IndusInd Bank, Poonawalla Fincorp Limited's shares saw an uptick of 1.53 percent, trading at ₹378.15 on the Bombay Stock Exchange (BSE). This surge reflects market optimism about the company's strategic move into the co-branded credit card space.
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