CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Poonawalla Fincorp Limited and IndusInd Bank have launched the co-branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card'. This new card, designed to improve the customer experience through incentives and advantages, is available with no joining or yearly fees. Users can earn rewards for every Rupees 100 spent, including UPI transactions, and receive 2.5x reward points on e-commerce transactions. Benefits include Rupees 0.40 cash credit per reward point, buy-one-get-one movie ticket specials through BookMyShow, 1% fuel surcharge waiver, and milestone achievement prizes.
Key Features And Benefits
Earn reward points for every Rupees 100 spent, with e-commerce transactions worth 2.5 times more points.
No fees- There are no joining or annual fees.
Additional perks include buy-one-get-one movie tickets, a 1% fuel surcharge waiver, and milestone prizes.
Strategic Importance And Financial Impact
Abhay Bhutada, Managing Director of Poonawalla Fincorp, stressed the strategic importance of this launch in increasing digital engagement and customer base. The announcement follows a time of exceptional financial performance for Poonawalla Fincorp, which posted a record net profit of Rupees 332 crore for the quarter ending March 31, 2023, marking an 84% rise year-over-year.
Financial Highlights
Quarterly Net Profit: Rupees 332 crore, up 84% year on year.
Annual Net Profit: Rupees 1,027 crore for FY 2023-24, representing an 83% growth.
Annual revenue reached Rupees 915 crore, while assets under administration rose by 55% to Rupees 25,003 crore.
Market Response And Future Outlook
Despite favorable financial news, Poonawalla Fincorp's shares fell by 0.87% to Rupees 445.15 at 10.50 am on the BSE. To fulfill India's growing demand for digital financial services, the new credit card will combine Poonawalla Fincorp's customer insights with IndusInd Bank's banking infrastructure. The eLITE RuPay Platinum Credit Card's success will be determined by its acceptance by clients who value ease, rewards, and good financial management.
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