Mukesh Ambani, the wealthiest individual in India and the leader of Reliance Industries, has been actively diversifying the company’s business interests in the online retail and financial sectors. In a new development, Reliance is poised to make a significant impact with the introduction of co-branded credit cards.
Reliance has partnered with the State Bank of India (SBI), one of India’s largest banks, to launch two credit cards on the indigenous Indian RuPay network, as reported by TechCrunch. These upcoming Reliance credit cards, developed in collaboration with SBI, are expected to bear the name ‘Reliance SBI Cards.’
The ‘Reliance SBI Card’ is designed to provide customers with a range of “exclusive” benefits. These benefits may include vouchers for Reliance Retail, Mukesh Ambani’s retail venture, and discounts on various products and services offered by Reliance Industries Limited (RIL), including JioMart, Ajio, Urban Ladder, and Trends.
Although SBI briefly featured information about the cards on a web page, it has since been removed. This significant move marks the entry of India’s largest conglomerate into the rapidly growing Indian credit card market. In the previous year, this market recorded transactions worth a total of Rs 1,33,000 crore, surpassing the debit card market, which saw transactions valued at Rs 53,000 crore.
The launch of these credit cards further strengthens Mukesh Ambani’s presence in the financial sector. Reliance’s financial arm, Jio Financial Services, recently ventured into lending and insurance services and has future plans to introduce debit card offerings.