RBL Bank and Bajaj Finance Limited have decided to halt the issuance of new co-branded credit cards, with existing cards remaining operational and transitioning to RBK branding upon renewal. The bank plans to diversify partnerships to reduce reliance on any single entity while maintaining its focus on the credit card business. Growth and margin estimates have been moderated, leading to a 5% and 15% cut in FY25/26E PAT estimates, with a revised target price of INR 170.
RBL Bank and Bajaj Finance have mutually agreed to end their partnership for co-branded credit cards, citing changes in synergies over time. Despite this decision, RBL Bank will continue to service the accounts of 34 million cardholders and maintain seamless customer support. The bank aims to diversify its collaborations with other NBFCs and consumer brands.
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