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YES Bank to enter credit card biz

YES Bank is considering the prospects of launching its own credit card. The bank wants to enter this portfolion in order to strengthen its retail credit portfolion, said Pralay Mondal, senior group president – Retail and Business Banking of the bank. He added that credit card is one business that is missing in the bank’s portfolio and it would surely like to enter that. But it takes at least eight to 10 months for the credit card business to take off and there are many aspects that need to be taken care of, he added. The bank has a customer base of 1 million and it would ideally wish to launch a credit card for its customers once the customer base reaches 1.5 million, Modal added. The bank is now in the process of acquiring more customers. The bank would be focusing on starting the credit card business organically instead of taking the inorganic route.

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