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.
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.
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%
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.
