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PNB Cards & Services incorporated to undertake non-financial support services

PNB Cards & Services incorporated to undertake non-financial support services

Finance
has set up a wholly owned subsidiary to manage its Rs 300-crore credit card business. PNB Cards & Services Ltd has been incorporated on March 16 by the Registrar of Companies, Delhi to undertake the non-financial support services related to bank's credit card operation, the bank said Wednesday in a regulatory filing. Authorised capital of the new subsidiary is Rs 25 crore while the paid up capital is Rs 15 crore. PNB's has issued about 3.5 lakh cards with portfolio size of about Rs 300 crore at the end of March 2020. The cards are issued on VISA & Rupay platforms. Its credit card business contributed Rs 60 crore to Rs 14739 crore operating profit and Rs 336 crore net profit in FY20, according to PNB's annual report. Let's block ads! (Why?) Banking/Finance-Industry-Economic Times