Mumbai: The Reserve Bank of India has approved Mahindra Finance and RBL Bank to launch co-branded credit cards. This collaboration aims to provide financial solutions that cater to customers’ aspirational needs, marking Mahindra Finance’s first co-branded credit card offering.
The initiative will leverage synergies between both companies, expanding access to financial services across non-metro regions. It also aligns with RBL Bank’s strategy to diversify its credit card portfolio, reducing reliance on Bajaj Finance for distribution. For Mahindra Finance it is an opportunity to tap into the growth potential, aligning with the adoption of e-commerce and technological advancements seen even in non-metro locations.
The move has come in light of heightened concerns about credit card portfolios and the subsequent regulations to discourage growth in riskier assets. The Mahindra Finance and RBL Bank co-branded credit card is expected to provide a one-stop solution and benefits across a wide range of categories.
