Citing data from the Reserve Bank of India (RBI) data, the statement said that Bank of Baroda credit cards have grown nine times over the last four years – from 0.12 million cards in March 2018 to over 1.1 million cards in March 2022. Further, the monthly spends on credit cards have grown 10 times over the same period – from ₹80 crore in March 2018 to ₹830 crore in March 2022.
It said that among other factors, the growth was driven by initiatives such as the launch of a completely revamped product suite in 2018; alliances with professional institutions in 2020; and implementation of a best-in-class processing platform and 100% digital onboarding in 2021.
Shailendra Singh, managing director and chief executive, BFSL said, “In 2017, we started on a journey of transforming BoB Financial into a leading credit card issuer in India. Crossing the 1-million credit cards mark is an important milestone."
