RBL Bank, Bajaj Finance end co-branded credit card partnership, stop issuance of new cards

Mumbai: RBL Bank and Bajaj Finance on Friday announced an end of co-branded credit card and the bank stopped issuing any such fresh cards.

Over 34 lakh users of the co-branded credit cards will continue to be served by the private sector lender and enjoy all the benefits as listed earlier, as per an official statement.

RBL Bank said it has reduced the dependence on the origination of co-brand cards with BFL (Bajaj Finance Ltd) over the last one year from 1,26,000 in September 2023 to 37,000 cards in September 2024.

"This decision is in line with the Bank's plan to build a diverse range of partnerships including with NBFCs such as Mahindra & Mahindra Finance Limited, TVS Finance Limited as well as consumer brands like IOC, IRCTC," a statement from the bank, which is the fifth largest issuer of credit cards, said.

The statement added that it remains focused on growing its credit card business as a prominent customer acquisition engine and added that the partnership has been one of the largest and most rewarding co-brand relationships in the country.