PNB to finally launch credit card business by October

Failing to get approvals from the RBI for its proposed joint venture with AIG and InfoTech Global, Punjab National Bank (PNB) has decided to go it alone with the launch of its credit card business. Last year PNB had announced its joint venture plans but delays from the RBI in clearing this deal has forced PNB to go solo.

RBI has sited technical issues with the JV for this delay in issuing a regulatory approval. PNB has an existing tie up with HSBC for a co-branded credit card which will cease to exist once PNB launched its own credit card business.

PNB has left the door open for its proposed JV if and when they get an RBI approval in the future.

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