RBL Bank rises on issuance of credit cards for users via Visa's payment network

RBL Bank gained 1.74% to Rs 178.40 after the company started issuing credit cards to its new customers on Visa's payment network.

The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on 14 July 2021.

RBL Bank, which has a 5% market share in credit cards in India, will leverage its partnership with Visa to offer a wide range of credit cards to a variety of customer segments. These cards are designed to offer smart, convenient and secure transactions, along with attractive reward propositions to customers.

On a standalone basis, RBL Bank's net loss stood at Rs 459.47 crore in Q1 June 2021 (Q1 FY22) as compared to a net profit of Rs 141.22 crore in Q1 June 2020 (Q1 FY21). Total income rose 4.92% to Rs 2,720.50 crore in Q1 FY22 from Rs 2,592.73 crore in Q1 FY21.

RBL Bank offers specialized services under five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury and Financial Markets Operations. It currently services over 9.83 million customers through a network of 435 branches, 1,422 business correspondent branches (of which 271 banking outlets) and 380 ATMs spread across 28 Indian states and Union Territories.

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