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Bandhan Bank Gears Up for Credit Card Debut by March 2024


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The bank’s managing director said in an interview that it may launch its credit card by the end of the current financial year. The bank has been offering new products time to time and is hopeful of launching its credit card soon.

The bank launched a co-branded credit card in 2019, which was offered to savings bank account holders across its branches. The bank offered three variants of the credit card, called One for the mass market, Plus for the affluent segment and Xclusive for the premium segment.

The bank also launched a program for senior citizens, catering to their diverse banking needs. The program offers a specially designed membership card that allows senior citizens to access healthcare benefits, enhanced banking services and special interest rates on fixed deposits.

Earlier this week, the bank’s board of directors approved the transfer of bad loans amounting to Rs 776 crore to an asset reconstruction company. The bank is trying to offload the loans through a Swiss challenge bidding process.

In a recent credit ratings report, a credit rating agency said that the bank’s gross and net NPAs increased to 7.3 per cent and 2.3 per cent, respectively, as of September 30, 2023. The bank’s GNPA increased by 14.8 per cent year-over-year in the July-September quarter. Its net NPA ratio was at 40 per cent year-over-year in July-September.

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