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RBL Bank extends credit card partnership with Bajaj Finance

RBL Bank today announced that it has extended its co-brand 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 its co-branded credit card partnership for a period of 5 years until December 2026,” the lender informed the exchanges.

On Monday, shares of RBL Bank plunged 18.10% to close at ₹141.6 each on NSE.

Earlier in the day, the Reserve Bank of India (RBI) allayed fears after the central bank appointed an additional director to its board, saying RBL Bank is well capitalized and the bank’s financial position remains satisfactory and that no depositors are required. and other stakeholders to respond to the speculative reports.

“The Reserve Bank wishes to certify that the bank is well capitalized and that the financial position of the bank remains satisfactory. According to the semi-annual audited results as of September 30, 2021, the bank has maintained a comfortable capital adequacy ratio of 16.33 percent and Provision Coverage Ratio of 76.6 percent. The bank’s Liquidity Coverage Ratio (LCR) is 153% as of December 24, 2021 compared to the legal requirement of 100%,” RBI said in a statement.

Shares of RBL Bank plunged a staggering 25% in Monday’s deals, the biggest drop since listing in 2016. In a surprising turn of events, Yogesh Dayal, Chief General Manager of RBI, was appointed by the central bank for two years. as member of the board of directors of RBL.

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