The company said that the collaboration also marks the introduction of ‘credit cards' as a new product segment under the bank's portfolio. Both the partners have rolled out three card variants - PSB SBI Card ELITE, PSB SBI Card PRIME, and PSB SimplySAVE SBI Card, it added.

These variants have been launched to cater to the spending needs of the customers of Punjab & Sind Bank, across mass, mass premium and premium segments. PSB SBI Card ELITE and PSB SBI Card PRIME have been designed to offer lifestyle privileges and best in class experience to premium and mass premium customers, respectively. PSB SimplySAVE SBI Card offers rewarding experience to value conscious customers through accelerated rewards and benefits on their spending.

Swarup Kumar Saha, MD & CEO of Punjab and Sind Bank, stated, “This co-branding tie up will offer our customers a much rewarding and delightful shopping experience with attractive offers. This exciting proposition will help the bank in better brand building and also in augmenting the business. The bank is in the transformation phase of diversifying into various third party products and the addition of credit card business to the existing bouquet of products, will assist the bank in new customer acquisition as well as customer retention. The card members will have an access to wide suite of exclusive privileges and we are confident that this card will prove to be the most preferred accessory for our customers.”

Rama Mohan Rao Amara, MD & CEO of SBI Card, said, “This is a significant partnership for us and marks further expansion of our bank co-brand portfolio which is a critical part of our growth strategy. We look forward to offering exceptional payments experience through our bouquet of world class products and services to Punjab & Sind Bank's customers.”

PSB SBI Card ELITE will be offered at a joining fee of Rs 4,999 plus taxes while PSB SBI Card PRIME will be offered at Rs 2,999 plus taxes and PSB SimplySAVE SBI Card at Rs 499 plus taxes respectively. Both PSB SBI Card ELITE and PSB SBI Card PRIME will be available on VISA platform and PSB SimplySAVE SBI Card on RuPay platform, SBI Card stated in the press release.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.

Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoI's ownership stood at 98.25% as on 30 September 2022.

Shares of SBI Cards and Payment Services rose 1.50% to Rs 797 while Punjab & Sind Bank rallied 3.39% to Rs 33.55 on the BSE.