The Federal Bank Limited stops issue of new co-branded credit cards

Pursuant to a letter from Reserve Bank of India, dated March 12, 2024, The Federal Bank Limited have stopped issuance of new co-branded credit cards. The Bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to resumption of new issuance.

The Bank continues to offer credit cards to new and existing customers in the non-co-branded segment and will also continue to service the existing customers who currently hold co-branded credit cards issued by the Bank.

Shares of The Federal Bank Limited was last trading in BSE at Rs. 147.95 as compared to the previous close of Rs. 151.85. The total number of shares traded during the day was 700529 in over 10952 trades.

The stock hit an intraday high of Rs. 152.60 and intraday low of 146.70. The net turnover during the day was Rs. 104766555.00.

Source : Equity Bulls

Keywords

TheFederalBank INE171A01029 RBILetter CoBrandedCreditCards Stopped