RBL Bank Ends Bajaj Finance Co-Branded Credit Card Tie-Up

RBL Bank and Bajaj Finance have terminated their co-branded credit card partnership. Existing users will still receive services and benefits. The bank reduced dependence on these cards, originally issued with Bajaj Finance, and is diversifying its partnerships with NBFCs and consumer brands.

RBL Bank and Bajaj Finance have officially ended their co-branded credit card partnership, the firms announced on Friday. Although the banks will cease issuing new co-branded cards, the 3.4 million existing cardholders will continue to enjoy their benefits, according to an official statement from the bank.

RBL Bank noted a significant reduction in its reliance on co-branded cards with Bajaj Finance over the past year, plummeting from 126,000 issuances in September 2023 to 37,000 by September 2024.

The move aligns with RBL Bank's strategic focus on diversifying its partnerships, including alliances with NBFCs like Mahindra & Mahindra Finance Limited and TVS Finance Limited, as well as consumer brands such as IOC and IRCTC, sustaining its credit card division as a major customer acquisition avenue.

(With inputs from agencies.)