RBL Bank has offloaded almost INR 800 crore of its credit card portfolio at a steep discount to fellow publicly listed, private sector lender, Kotak Mahindra Bank. Kotak Bank is reported to have acquired the credit card portfolio for INR 20 crore in an all-cash deal.
Credit card repayment delays account for about one-fifth of the total gross non-performing assets (NPA) of RBL Bank.
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