RBL Bank Limited and Bajaj Finance Limited (BFL) have jointly announced the cessation of their co-branded credit card issuance. The decision comes after mutual discussions over the past month, where both parties agreed that the synergies in their partnership had shifted significantly over time.
While no new co-branded credit cards will be issued under this collaboration, existing cardholders can rest assured that their cards will continue to function seamlessly. Customers will enjoy the same benefits, rewards, and terms associated with their cards, and upon renewal, these cards will transition to RBL Bank-branded credit cards.
RBL Bank has committed to servicing the existing portfolio of approximately 3.4 million co-branded cards, ensuring uninterrupted customer support and satisfaction across its service channels.
Over the past 18 months, RBL Bank has diversified its credit card issuance strategy, reducing reliance on this partnership. Monthly co-branded card issuances with BFL declined from 126,000 in September 2023 to 37,000 in September 2024. Instead, the Bank is focusing on partnerships with other NBFCs like Mahindra & Mahindra Finance and TVS Finance, as well as consumer brands such as IOC and IRCTC.
Describing the RBL-BFL partnership as one of the largest and most rewarding in India, RBL Bank acknowledged BFL’s contributions to its success. The move aligns with RBL Bank’s broader strategy of cultivating a diverse range of partnerships to drive customer acquisition and growth in its credit card business.
