BOB Financial Solutions Limited (BFSL), a wholly-owned subsidiary of Bank of Baroda (Bank) that issues and manages Bank of Baroda Credit Cards, has crossed the 1 Million credit cards mark.
As per Reserve Bank of India (RBI) data, Bank of Baroda Credit Cards have grown 9 times over the last four years from 0.12 million cards in March 2018 to over 1.1 million cards in March 2022. Further, the monthly spends on credit cards have grown over 10 times over the same period from Rs 80 crore in March 2018 to Rs 830 crore in March 2022.
It attributes the growth to launch of a completely revamped product suite in 2018, industry first alliance with professional institutions in 2020 and implementation of best-in-class processing platform and 100 percent digital onboarding in 2021.
In the calendar year 2022, it co-branded with IRCTC, HPCL, Defence Services and several fintech partnerships.
Shailendra Singh, MD & CEO, BFSL, said, “In 2017, we started on a journey of transforming BOB Financial into a leading credit card issuer in India. Crossing the 1 million credit cards mark is an important milestone. However, while we celebrate this achievement, our ultimate aspiration is to become one of the largest Credit Card issuers in the country, serving customers of every demographic and socio-economic classification.”
The company said it has also built upon its association with Bank of Baroda and other key partners to launch strategic co-branded cards to grow its credit card franchise.