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DBS Bank Preparing to Venture into India’s Credit Card Market
August 22, 2019
Singapore-based DBS Bank is planning to enter the Indian credit card market by 2020, a senior official of the company said. The move is considered as one of its efforts to grow business outside its home market and also to offset weakness in the local economy.
India’s credit card market is small in scale compared to its debit card market. Banks and NBFCs thus want to enter the former and capitalize on the potential. For instance, India’s top digital payments company PayTm had earlier announced that it will launch a credit card with Citigroup which also wants to expand its credit card customer base in the country.
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