BoB Financial crosses 1-million credit card mark

BoB Financial Solutions Ltd (BFSL), a wholly-owned subsidiary of Bank of Baroda that issues and manages the lender’s credit cards, on Tuesday said it has crossed the 1-million card mark.

Citing data from the Reserve Bank of India (RBI) data, the statement said that Bank of Baroda credit cards have grown nine 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 10 times over the same period – from ₹80 crore in March 2018 to ₹830 crore in March 2022.

It said that among other factors, the growth was driven by initiatives such as the launch of a completely revamped product suite in 2018; alliances with professional institutions in 2020; and implementation of a best-in-class processing platform and 100% digital onboarding in 2021.

Shailendra Singh, managing director and chief executive, 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.”