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Bank of India plans to revamp its credit cards business
22 August 2007

Mumbai: 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 bank.

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.

The bank has appointed consulting firm KPMG to make a recommendation.

To 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.

send this article to a friendBOI 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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Bank of India plans to revamp its credit cards business