RBL Bank expands its credit card partnership with Bajaj Finance

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RBL Bank today announced that it has extended the co-branded credit card partnership with Bajaj Finance Ltd for a period of five years until December 2026.

“RBL Bank Limited today announced the signing of the agreement with Bajaj Finance Limited for the extension of the co-branded credit card partnership for a period of 5 years until December 2026,” the lender informed.

On Monday, RBL Bank stock fell 18.10% to close at ??141.6 each on NSE.

Earlier today, the Reserve Bank of India (RBI) allayed fears after the central bank appointed an additional director to the board, saying RBL Bank is well capitalized and the bank’s financial condition remains satisfactory and there is no need for depositors. and other stakeholders to react to speculative reports.

“The Reserve Bank would like to report that the bank is well capitalized and the financial position of the bank remains satisfactory. According to the audited half-year results as of September 30, 2021, the bank has maintained a comfortable capital adequacy ratio of 16, 33% and a provision coverage ratio of 76.6%. The bank’s liquidity coverage ratio (LCR) is 153% as of December 24, 2021 against the regulatory requirement of 100%, ”said RBI in a press release.

RBL Bank shares fell 25% in Monday’s trades, the biggest drop since listing in 2016. In a surprising turn of events, RBI chief executive Yogesh Dayal was appointed to the board of administration of RBL by the central bank for two years.

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