Yes Bank claims credit card book crosses Rs 250 crore, with 2 lakh users

MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment.

"We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.

Exuding confidence that the bank will be the fastest to achieve the 1 million credit cards mark, he said it now offers 10 products.

Its head of credit cards Rajanish Prabhu said the total size of the portfolio is over Rs 250 crore and it does not have any issues with regard to asset quality.

Mondal said the bank, which launched a new card today which will be sold to select millionaires by invitation, will be next launching a commercial banking credit card for a business' needs by December.

The new card, which is also the maiden bank tie-up done by Mastercard for its 'World Elite' programme, involves selecting 2,500 millionaires who will be invited to use the offering.

The selected users will have to pay Rs 50,000 in joining fees and then Rs 10,000 annual fees.

Mondal said despite the high cost he expects to add new customers to its clientele through the new offering, apart from building the brand.

Mastercard's Porush Singh said the company is in talks with other lenders to for the 'World Elite' cards. Mondal said launch of the credit card is pre-cursor to the launch of a private banking programme for the ultra-rich which the bank is building at present.

Yes Bank