RBI rejects Canara Bank's bid for credit card subsidiary amid concerns

Quick Summary:

Managing Director K Satyanarayana Raju had said the creation of the subsidiary was intended to focus on leveraging the bank’s extensive customer base of over 11 crore to expand its card business.

The Bengaluru-based bank had 900,000 credit cards in circulation as of June, a year-on-year growth of 37 per cent.

Credit card loans are typically unsecured, meaning they are issued without any collateral, a factor that may have influenced the regulator’s decision.

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Category: BusinessFinance

Markets: India

Topics: Government-owned banks NBFC SBI Cards Canbank Computer Services K Satyanarayana Raju Canara Bank credit cards State Bank of India Public sector banks Digital payments Credit card subsidiary Unsecured loans Credit card business BOB Cards E-commerce Credit card loans RBI Bank of Baroda Banking regulations Non-banking financial company Reserve Bank of India Card industry growth Canara Bank IT services Canara Bank

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 11:08:54 (11 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 404 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 22442981

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