Poonawalla Fincorp Set to Unveil Co-Branded Credit Card
Poonawalla Fincorp Set to Unveil Co-Branded Credit Card
Poonawalla Fincorp, a leading non-banking finance company (NBFC), is gearing up to introduce its co-branded credit card within the next two to three weeks.
Abhay Bhutada, the Managing Director and CEO of Poonawalla Fincorp disclosed that the company has been diligently addressing various compliance requirements, which has slightly delayed the launch beyond the fourth quarter of the fiscal year 2024–25.
“We have devised a comprehensive strategy for sourcing and integration with our co-brand partner. Notably, we will not impose a joining fee and intend to offer a distinctive product proposition,” Bhutada stated.
Having secured approval from the Reserve Bank of India (RBI) to issue the cards in collaboration with IndusInd Bank in 2023, Poonawalla Fincorp is poised to make its mark in the credit card segment.
Furthermore, the company remains committed to achieving an asset under management (AUM) growth rate of 35–40% while maintaining a gross non-performing asset (NPA) ratio ranging from 1.3% to 1.8%. As of March 31, the company’s AUM stood at an impressive Rs 25,003 crore, with a notable reduction in both gross and net NPA percentages, which currently stand at 1.16% and 0.59%, respectively.
