of India plans to revamp its credit cards business
22 August 2007
Bank of India (BOI) is seeking to revamp its credit card business to enhance business
from this segment and is reportedly considering the options of whether to have
it in-house or float a subsidiary or have the business in partnership with another
The bank has about 7 lakh credit card holders at the moment and
intends to focus on avoiding bad loans in the form of card debt.
bank has appointed consulting firm KPMG to make a recommendation.
optimise its business mix, the bank is focusing on management its non-performing
assets (NPAs), while augmenting its fee-based income and resource position by
concentrating on low cost current and savings accounts, and term deposits.
is looking at tripling its fee-based income via sales of third-party products.
Presently, te bank's fee-based income is about Rs50 crore.
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