Yes Bank retail & business banking senior group president Pralay Mondal was quoted by Business Standard as saying: "Credit card is one thing that is missing in our portfolio and we would surely like to enter that.
"But launching a credit card business takes a minimum of eight-ten months as there are lots of things such as underwriting, marketing etc that one needs to take care of."
To enter into credit card business, the lender looks for at least 1.5 million customers as against its current customer base of one million.
Mondal told the news agency that: "There are not very good opportunities present in the market now. And we believe that it is better to grow the business slowly and steadily.
"So even after entering, we would like to focus on giving unsecured credit only to our internal customer."
According to the data revealed by the Reserve Bank of India, the number of outstanding cards in the Indian banking system has increased from 19.13 million in June 2013 to 19.47 million at the end of June this year, driven by the recent growth in credit card portfolios amongst many large lenders such as HDFC Bank, SBI Cards and Citibank.
