IndusInd Bank to unveil credit card
Bangalore: To extend its reach to the customers, IndusInd Bank plans to enter the credit card segment. The bank expects a turnover of around 
500 crore from the new business in its very first year, reports Rupee Times.
Talking to Rupee Times, Paul Abraham, CEO of IndusInd Bank said, "So far, our retail lending has been entirely secured. We want to move towards unsecured lending. A credit card will complete the suite of products. We expect the credit card business to pick up in the next three years and will target around Rs 500-crore business in the first year."
The bank has partnered with IIT- Madras to provide the technology for this facility. "From a manufacturer to a dealer, everyone across the chain can avail themselves of credit under one umbrella. The objective is to disburse credit faster and, thereby, help us grow the loan book," said Ramesh Ganesan, EVP head - Transaction Banking, IndusInd Bank.
In the last financial year, the bank has shown commendable performance owing to higher margins and increased loan book. It posted a net profit of Rs 97.96 crore in three months to March 2010, a 94 percent jump year-on-year. Total income stood at 852.57 crore, a growth of nine percent.
500 crore from the new business in its very first year, reports Rupee Times.
Talking to Rupee Times, Paul Abraham, CEO of IndusInd Bank said, "So far, our retail lending has been entirely secured. We want to move towards unsecured lending. A credit card will complete the suite of products. We expect the credit card business to pick up in the next three years and will target around Rs 500-crore business in the first year."
The bank has partnered with IIT- Madras to provide the technology for this facility. "From a manufacturer to a dealer, everyone across the chain can avail themselves of credit under one umbrella. The objective is to disburse credit faster and, thereby, help us grow the loan book," said Ramesh Ganesan, EVP head - Transaction Banking, IndusInd Bank.
In the last financial year, the bank has shown commendable performance owing to higher margins and increased loan book. It posted a net profit of Rs 97.96 crore in three months to March 2010, a 94 percent jump year-on-year. Total income stood at 852.57 crore, a growth of nine percent.