The Peerless General Finance & Investment Company, one of the largest non-banking finance company in India, is foraying into credit card business.
PGFIC would be the first NBFC in the country to launch a credit card, which would be co-branded with ICICI Bank.
The managing director of Peerless, S K Roy, said the company's vision was to emerge as the country's largest financial super market for retail distribution of all kind of financial products.
He said Peerless was hoping to mobilise Rs 1,300 crore (Rs 13 billion) deposit in 2005-06 compared to Rs 1, 200 crore (Rs 12 billion) last year.
The general manager (marketing) of PGFIC, M Mallick, said Peerless would be launching a co- branded credit card with the largest private sector bank in India, ICICI Bank. "The launch of the co-branded credit card will be in mid-January 2006," he said.
The company, which is approaching its 75th anniversary, is giving a special thrust on fee-based income by utilising its 100,000 strong agent force.
Mallick was talking to reporters at the sidelines òf the launch of new logo of PGFIC for the celebration of platinum jubilee. The company had tied up with LIC for distribution of life insurance products.
It recently tied up with National Insurance Company for distribution of non-life insurance products.
"We are looking at Rs 10 crore (Rs 100 million) fee-based income in 2004-05, the first full-year after the company ventured into this field," GM marketing said. Mallick pointed out that the NBFC was targeting sale of 10,000 credit card per month.
"This is not an ambitious target - Peerless has 170 branches all over the country and if even 100 branches contribute, the figure is achievable," he said. Mallick said ICICI Bank would give special training to some agents of PGFIC for selling credit cards.