Mumbai: Poonawalla Fincorp, a Cyrus Poonawalla group-promoted non-banking finance company, will issue co-branded credit cards with IndusInd Bank. The company has received permission from the Reserve Bank of India for the new product, which it will offer through a digital process by the year-end.
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Abhay Bhutada, managing director of Poonawalla Fincorp, said the co-branded cards add to the company’s bouquet of new-age financial products for tech-savvy and financially astute customers. “We at Poonawalla Fincorp believe in ethical lending with complete transparency and no hidden charges while engaging with our existing and potential customers,” he said.
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Poonawalla Fincorp started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
For issuing co-branded credit cards, an NBFC must have a minimum networth of Rs 100 crore, should be profit-making, and have bad loans of less than 2%. It should also have a capital adequacy ratio of over 10%
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Poonawalla Fincorp has standalone assets under management of Rs 17,776 crore as of June 30, 2023, and employs around 2300 people. The company’s financial services offerings include pre-owned car finance, personal loans, loans to professionals, business loans, loans against property, supply chain finance, machinery loans, medical equipment loans and consumer loans.
