Punjab & Sind Bank and SBI Card Launch Co-brand Credit Cards

Punjab & Sind Bank, one of the leading public sector banks in India, has partnered with SBI Card, India's largest pure-play credit card issuer, to launch co-brand credit cards for its customers. The collaboration also marks the introduction of 'credit cards' as a new product segment under the bank's portfolio. Both the partners have rolled out three card variants - PSB SBI Card ELITE, PSB SBI Card PRIME, and PSB SimplySAVE SBI Card.

These variants have been launched to cater to the spending needs of the esteemed customers of Punjab & Sind Bank, across mass, mass premium and premium segments. PSB SBI Card ELITE and PSB SBI Card PRIME have been designed to offer lifestyle privileges and best in class experience to premium and mass premium customers, respectively. PSB SimplySAVE SBI Card offers rewarding experience to value conscious customers through accelerated rewards and benefits on their spending.

Addressing on the launch, Mr. Swarup Kumar Saha, MD & CEO, Punjab and Sind Bank, stated, "Punjab and Sind Bank is very happy to announce the collaboration of its co-branded credit card business with the country's leading Credit Card issuer SBI Cards. This co-branding tie up will offer our customers a much rewarding and delightful shopping experience with attractive offers. This exciting proposition will help the Bank in better brand building and also in augmenting the business. The Bank is in the transformation phase of diversifying into various third party products and the addition of credit card business to the existing bouquet of products, will assist the Bank in new customer acquisition as well as customer retention. The card members will have an access to wide suite of exclusive privileges and we are confident that this card will prove to be the most preferred accessory for our customers."

Speaking on the launch Mr. Rama Mohan Rao Amara, MD & CEO, SBI Card said, "We are delighted to partner with Punjab & Sind Bank to offer thoughtfully designed credit cards to its vast customer base. This is a significant partnership for us and marks further expansion of our bank co-brand portfolio which is a critical part of our growth strategy. We look forward to offering exceptional payments experience through our bouquet of world class products and services to Punjab & Sind Bank's customers."

PSB SBI Card ELITE will be offered at a joining fee of INR 4999 plus taxes while PSB SBI Card PRIME will be offered at INR 2999 plus taxes and PSB SimplySAVE SBI Card at INR 499 plus taxes respectively. Both PSB SBI Card ELITE and PSB SBI Card PRIME will be available on VISA platform and PSB SimplySAVE SBI Card on RuPay platform.

Shares of Punjab & Sind Bank was last trading in BSE at Rs. 33.90 as compared to the previous close of Rs. 32.45. The total number of shares traded during the day was 4102712 in over 3309 trades.

The stock hit an intraday high of Rs. 34.05 and intraday low of 32.70. The net turnover during the day was Rs. 139257807.00.

Shares of SBI Cards and Payment Services Limited was last trading in BSE at Rs. 794.95 as compared to the previous close of Rs. 785.20. The total number of shares traded during the day was 36359 in over 2374 trades.

The stock hit an intraday high of Rs. 799.40 and intraday low of 790.05. The net turnover during the day was Rs. 28940951.00.

Source : Equity Bulls

Keywords

PunjabandSindBank INE608A01012 SBICardsandPaymentServices INE018E01016 Cobranded CreditCards