Construction Industry News
Equitas Small Finance Bank announced its partnership with HDFC Bank to launch its new co-branded credit cards, to provide the company with the facilities of the banking ecosystem.
The credit card can be used in two categories. The first category is the 'Excite Credit Card' which offers a credit limit from Rs 25,000 to Rs 2,000,000 and the second category is the 'Elegance Credit Card' which offers a credit exceeding Rs 2,000,000. This co-branded credit card is an added value for the customers who want to be rewarded.
Both categories offer hugely valuable rewards programs for all customers. The 'Elegance Credit Card' provides two reward points for every Rs 150 spent, 2X reward points for flight and hotel expenses and 5X reward points for supermarkets, supermarkets and department stores. One can earn 1,500 bonus reward points upon reaching a monthly milestone of more than Rs 50,000 and collect 10,000 bonus reward points for an annual expenditure of more than Rs 5 lakh. The card also provides exemption from entry fees if anyone spends more than Rs 50,000 within 90 days.
Likewise, the 'Excite Credit Card' also has a host of great benefits, with its core rewards program offering 2 reward points for every Rs 150 spent and 3X reward points towards fuel and grocery expenses. One can earn 500 bonus reward points when spending more than Rs 20,000 per month and 2,500 bonus reward points when spending more than Rs 1.80,000 annually. It also has an annual fee waiver when spending over Rs 1,00,000. The card also provides exemption from entry fees if one spends more than Rs 20,000 within 90 days.
Equitas Small Finance Bank's standalone net profit fell 60% to Rs 41.19 crore on a 16.4% increase in total income to Rs 991.40 crore in Q2FY22 over Q2FY21.
Equitas Small Finance Bank is one of the largest small financial banks in India in terms of number of bank branches and the second largest SFB in India in terms of assets under management and total deposits in FY2019.
On Tuesday, shares of Equitas Small Finance Bank rose 0.08% to Rs 62.60, while HDFC Bank gained 0.06% to Rs 1,516.10 on BSE.
