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Mon, December 2, 2024
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[ 12:30 AM ] - Bill Williamson
RBL Bank shares sink as partnership on co-branded credit cards with Bajaj Finance ends

RBL Bank shares sink as partnership on co-branded credit cards with Bajaj Finance ends


Published on 2024-12-02 00:30:59 - Bill Williamson, WOPRAI
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  • added that the move won't change the plans for its credit cards business. The lender said the move to stop the partnership is in line with its vision to build a diverse range of collaborations with NBFCs such as Mahindra & Mahindra Finance Limited ...

RBL Bank's shares experienced a significant decline, dropping nearly 10% to a 52-week low of Rs 134.60 on the BSE, following the announcement that its partnership with Bajaj Finance for co-branded credit cards would not be renewed. The collaboration, which began in 2017, was set to end on July 1, 2024, as Bajaj Finance decided to focus on its own credit card offerings. This news led to a sharp sell-off in RBL Bank's stock, with shares falling 9.7% to Rs 134.60, marking the lowest since April 2023. The termination of the partnership is seen as a setback for RBL Bank, which had benefited from the growth in credit card usage and the expanding customer base through this alliance.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/markets/rbl-bank-shares-sink-as-partnership-on-co-branded-credit-cards-with-bajaj-finance-ends-12880639.html ]
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