The co-branded card partnership has been one of the most successful and in running for 8 years.
- Existing portfolio of 3.4 mn co-brand credit cards issued till date will continue to operate as usual without any change
- Upon renewal, these cards will be reissued as RBL Bank branded credit cards
Reason for termination
Not immediately clear. However, in all likelihood, the decision may have been forced by Bajaj Finance (BFL) given the significant divergence over the years of scale and reputation between the two partners.
RBL on it’s part has also been wanting to deepen it’s relationship with multiple NBFCs instead of being dictated by one large NBFC.