In a bid to offer a complete suite of services to its existing customers, Bandhan Bank, on Friday, launched a co-branded credit card in association with Standard Chartered bank.
The credit card would be offered to 40 lakh savings bank account holders across the 1,000 branches of Bandhan Bank.
As part of the tie-up, while Standard Chartered bank will take the credit risk, Bandhan Bank will be responsible for identifying and issuing cards to its customers.
According to Zarin Daruwala, CEO, Standard Chartered, Bandhan’s current account and savings account (CASA) growth over the last four years has been one of the factors leading to the collaboration.
Standard Chartered has 100 branches in India. It has a credit card base of 12 lakh customers, and has been growing at 15-20 per cent on year-on-year basis.
This is Standard Chartered’s first co-branded card with any other bank. “When the bank started four years ago, we started with basic products. We kept adding more products as we moved ahead. Today, we launch credit cards, a product that many customers demanded from us. Standard Chartered bank’s expertise, experience, and foreign exposure will help bring our customers a well-rounded credit card offering,” said Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank.
CASA accounts for nearly 36 per cent of Bandhan Bank’s total deposit base of about ₹43,000 crore.
The co-branded card will have three variants: One, for the mass market; Plus, for the affluent segment; and Xclusive, for the premium segment.