Reliance Industries to Enter Rs. 133,000 Crore Indian Credit Card Market

Reliance Industries, India’s largest company by valuation, led by Asia’s richest man Mukesh Ambani, is all set to enter the Rs. 133,000 crore Indian credit card business. Reliance, in partnership with the country’s biggest bank, the State Bank of India (SBI), is launching two credit cards on the Indian indigenous RuPay network, according to a report by TechCrunch. The two new Reliance credit cards in collaboration with SBI will be co-branded, and are likely to be called “Reliance SBI Cards.”

With “Reliance SBI Cards,” customers will avail “exclusive” benefits, including Mukesh Ambani’s retail venture Reliance Retail and discounted products on RIL’s different offerings like JioMart, Ajio, Urban Ladder, and Trends. The cards, which were uploaded on a website by SBI, were subsequently removed.

India’s credit card market is estimated to have a worth of Rs. 133,000 crore, which is much higher compared to the debit card market, which has Rs. 53,000 crore worth of transactions. The entry into the credit card business will help Adani fortify his financial vertical, given that Jio Financial Services, another financial arm under his umbrella, is stepping up to boost its lending and insurance verticals.

Jio Financial Services is also planning to roll out debit cards.