Federal Bank to enter credit card segment in a year, says official

The bank will rely only on in-house customers and also deploy its analytics engine to choose customers in a bid to take care of concerns on book quality

Federal Bank is looking to enter the credit card segment in the next one year to complete its suite of lending products, a senior official said on Thursday.

The bank, which already has a co-branded card offering with SBI Cards, will focus on its existing customer base of over 1 crore to sell cards, its country head for deposit, cards and personal loans Nilufer Mullanfiroze told PTI.

All major banks have a credit card offering of their own for the customers, but the ongoing pandemic, which has resulted in job losses and salary cuts, has led to concerns over asset