Private sector lender, Kotak Mahindra Bank is targetting a 25-30% increase in revenue from its credit card business in the upcoming two years time, informed a top official of the bank.
“We are quite bullish about the retail business, especially the credit card portfolio. We expect the division to contribute around 25-30% to the total earnings in the next 2-3 years,” Kotak Mahindra Group Head (Retail Liabilities & Branch Banking) K V S Manian said.
The current revenue from the card business accounts to 15% of the total business earned by the bank and is operational from the 12 major cities where it has operations.
From the current service being offered from 12 cities, the bank plans to add 8 more cities to the count by this fiscal, said Manian.
According to Business Head (Credit Cards) of the bank, Subrat Pani, there has been a tie up of the bank with multiplex chain-PVR so as to offer co branded cards.
“This is the first such card of its kind in India. The card would help customers earn up to two free movie tickets on spends of Rs 7,500 on the card every month, thus creating more value for PVR and Kotak Mahindra Bank. This also helps us to retain existing customers and acquire new ones,” Pani said.
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