India’s private bank YES Bank is planning to enter into credit card business in a move to strengthen its retail credit portfolio.
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Established in 2004, the bank has a customer base of one million and would launch its credit card business once the customer base reaches the 1.5-million mark, reports Business Standard.
Pralay Mondal, senior group president, Retail and Business Banking, YES Bank, said: "Credit card is one thing that is missing in our portfolio and we would surely like to enter that.
"But launching a credit card business takes a minimum of eight to ten months as there are lots of things such as underwriting, marketing etc that one needs to take care of."
Mondal said the bank would be focusing on starting the credit card business organically instead of taking the inorganic route.
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By GlobalDataMondal added: "There are not very good opportunities present in the market now. And we believe that it is better to grow the business slowly and steadily. So even after entering, we would like to focus on giving unsecured credit only to our internal customer."
