Poonawalla Fincorp, a prominent non-banking finance company (NBFC), is on the brink of launching its co-branded credit card in the next two to three weeks.
Abhay Bhutada, the Managing Director and CEO of Poonawalla Fincorp, revealed that the company has been diligently fulfilling various compliance requirements, slightly extending the launch beyond the fourth quarter of the fiscal year 2024–25.
“We have devised a comprehensive strategy for sourcing and integration with our co-brand partner. Notably, we will not impose a joining fee and intend to offer a distinctive product proposition,” Bhutada stated.
Having obtained approval from the Reserve Bank of India (RBI) to issue the cards in collaboration with IndusInd Bank in 2023, Poonawalla Fincorp is poised to make a significant impact in the credit card segment.
Furthermore, the company remains steadfast in achieving an asset under management (AUM) growth rate of 35–40% while maintaining a gross non-performing asset (NPA) ratio ranging from 1.3% to 1.8%. As of March 31, the company’s AUM stood at an impressive Rs 25,003 crore, with a notable reduction in both gross and net NPA percentages, which currently stand at 1.16% and 0.59%, respectively.
