A recent press report said that Oriental Bank of Commerce (OBC) has entered the credit card segment through a tie-up with SBI Cards. The co-branded credit cards, will be both magnetic stripe and chip-based. The cards are to be launched out through OBC branches around Diwali.
Reports said that the bank is one of the late entrants in the credit card segment, but it now has the benefit of latest technology-cards with chip security. The chip in the credit card will help in the prevention of fraudulent usage due to possible cloning of credit cards.
Reports also said that the memorandum of understanding was signed by Mr. R.M.Sharma, General Manager (Corporate Strategy& Planning), OBC, and Mr. Kadambi Narahari, CEO, SBI Cards and Payments Services Private Limited.
Oriental Bank of Commerce is an India-based bank in Lahore, is one of the renowned public sector banks in India. The Company operates in four segments: treasury operations, corporate/wholesale banking, retail banking and other banking business operations. The bank offers loans such as housing loan, car loan, personal loan, education loan, advances to minority communities – as per sachar committee, list of beneficiaries under agriculture debt waiver and debt relief scheme – 2008.