Do More With Reuters
Partner Services

Dena Bank in pact with SBI Cards to boost fee income

Mon Nov 3, 2008 6:00pm IST
 
Email | Print | | Single Page
[-] Text [+]

MUMBAI (Reuters) - State-run Dena Bank has tied up with SBI Cards & Payments Services Pvt Ltd to launch a co-branded credit card in order to boost its fee-based income, a senior official of the bank said on Monday.

The bank had its own credit card with a member base of 10,000 including 6,000 active members, Executive Director Bhaskar Sen told reporters.

"Banking and credit card management are different and our core competence lies in banking, so we decided to partner with a professional organisation for credit cards," he said.

The underlying credit risks would lie with SBI Cards while Dena Bank would provide referral services, he said. SBI Cards is a joint venture between State Bank of India, the country's largest lender, and GE Money.

Shares in the bank ended 7.23 percent higher at 31.15 rupees in a firm Mumbai market.

Britain's Prime Minister Gordon Brown speaks, as finance minister Alistair Darling listens at the G20 Finance Ministers meeting in St. Andrews, Scotland. REUTERS/POOL New
UK joins G20 push for world levy on banks

Britain threw its weight behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work toward a $100 billion deal to meet the cost of climate change.  Full Article | Full Coverage 

special coverage

Photo
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.  Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

column

Nipun Mehta
Nipun Mehta, SG Private Banking
India - planning the road to recovery

There needs to be an acceptable balance created between education & healthcare and infrastructure spend.  Full Article 

SHOWCASE

Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Out of Woods?
Out of the Woods?

Analysis - CIT's bankruptcy exit fraught with uncertainty  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article