INSUBCONTINENT EXCLUSIVE:
HDFC Bank and Paytm tie up to issue credit cardsA month after the Reserve Bank of India (RBI) partially lifted a ban on HDFC Bank, allowing
it to restart issuance of credit cards, the lender on Monday announced its tie-up with Paytm for selling co-branded credit cards from
October onwards, coinciding with the beginning of the festival season.The credit cards would be enabled by Visa and will be aimed at a
customised to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards
customer base of more than 330 million consumers and 21 million merchants, while HDFC Bank has more than 5 million customers using debit,
credit and prepaid cards.On December 2, 2020, the RBI had barred HDFC Bank from issuing credit cards after receiving complaints of frequent
break downs in its internet and mobile banking systems.Though the central bank lifted the ban on August 18, 2021, allowing HDFC Bank to
issue credit cards, the restrictions on fresh digital launches remain.
