Development Credit Bank enters credit card business

MUMBAI:
Private-sector lender Development Recognition Depository Financial Institution have entered into the recognition card
business. The depository financial institution have tied up with ICICI Depository Financial Institution which will manage its recognition card
foray. "The recognition card market
in Republic Of India is currently under-penetrated and growing in this section is expected to
be high," DCB Managing Director and chief executive officer Gautam Vir said. The depository financial institution currently have 4.5
lakh clients and about 50,000 clients are expected to take the card which
will be called "DCB Advantage Recognition Card", he said. Meanwhile, Sachin Khandelwal,
head, card game merchandise grouping of ICICI Depository Financial Institution said earlier recognition card holders were
going for rotating credit. But rotating recognition pulls higher involvement rate. So, many card holders have got now started resorting to convert their dues into
equated monthly installments which pull involvement charge per unit of lone 20 per cent, he
added.