{"id":138844,"date":"2021-09-15T08:40:06","date_gmt":"2021-09-15T08:40:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138844"},"modified":"2021-09-15T08:40:06","modified_gmt":"2021-09-15T08:40:06","slug":"mastercard-ban-rbl-bank-restarts-credit-card-issuances-with-rival-visa","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/industries\/mastercard-ban-rbl-bank-restarts-credit-card-issuances-with-rival-visa\/","title":{"rendered":"Mastercard ban: RBL Bank restarts credit card issuances with rival Visa"},"content":{"rendered":"
Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa\u2019s payment network.<\/p>\n
The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business.<\/p>\n
RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances.<\/p>\n
Its head for retail business thanked Visa and technology partner Fiserv, and was confident about meeting its target of issuing 12-14 lakh credit cards in FY22.<\/p>\n
Visa\u2019s head of business development for India Sujai Raina said the company aims to enable digital payments and help customers avail credit offerings from issuers with ease.<\/p>\n
Credit cards contribute 37.5% of the retail book for the lender, which has a 5% market share in the segment. Its credit card book had grown 17% to \u20b912,039 crore as of June, and had 30.69 lakh cards outstanding as of July.<\/p>\n
The bank in its guidance had said that by mid-September, it will restart issuances and hoped to complete 1 lakh cards a month on average.<\/p>\n
The RBL Bank scrip was trading 2.42% up at \u20b9179.60 a piece on the BSE at 12:52 a.m., against gains of 0.59% on the benchmark.<\/p>\n