Lakshmi Vilas Bank launches co-branded credit card

Lakshmi Vilas Bank (LVB)today launched a co-branded credit card in partnership with SBI Cards and Payment Services, commemorating LVB’s 90th anniversary.

The Tamil Nadu-based bank had partnered with payment solutions provider SBI Cards and Payment Services to offer its first Lakshmi Vilas Bank-SBI Credit Card, a top official said.

“This is a win-win concept for us. For the first time we are launching this co-branded credit card. We would like to take this relationship (with SBI Cards and Payment Services) to much greater levels,” LVB Chief Operating Officer A J Vidyasagar told reporters.

He said the bank along with SBI Cards would leverage each other’s strengths and offer the credit cards — Visa Platinum Credit Card and Visa SimplySAVE credit card — to customers.

“Initially, we are targeting to cover 10,000 customers”.

SBI Cards and Payment Services is a joint venture between State Bank of India and GE Capital.

SBI Cards currently has a subscriber base of 3.2 million customers and 10 per cent of it constitute customers who have co-branded credit cards, SBI Cards and Payment Services Chief Executive Officer Vijay Jasuja said.

“We have been growing very aggressively over the last two years. By partnering with them (Lakshmi Vilas Bank), we have added another feather in our cap,” he said.

LVB also unveiled a health and wellness solutions to customers under its tie-up with Cigna TTK Health Insurance.

A mobile application, LVB Mobile, allowing customers to make banking transactions through mobile phones was also launched on the occasion.