Bank of India is planning to set up a subsidiary to run its credit card business. This, the bank feels will bring in young customers at a time when most banks are trying to reduce their exposure to potentially risky loans. The bank is now making a major push towards retail banking, which it hopes will drive growth in the coming years. The bank is likely to float a separate subsidiary to sell Bank of India cards, but a joint venture with an experienced credit card business vendor could also be explored, the bank’s chairperson V.R. Iyer, said. State Bank of India has such a joint venture with GE Money, called SBI Card. The plan is to initially target the bank’s existing customers and then slowly venture out in acquiring outside customers too, Iyer said. The bank has about 50,000 credit cards, over the next few years, there could be a substantial growth in the card business, Iyer hopes.