| Bank
of India plans to revamp its credit cards business
22 August 2007
Mumbai:
Bank of India (BOI) is seeking to revamp its credit card business to enhance business
from this segment and is reportedly considering the options of whether to have
it in-house or float a subsidiary or have the business in partnership with another
bank.
The bank has about 7 lakh credit card holders at the moment and
intends to focus on avoiding bad loans in the form of card debt.
The
bank has appointed consulting firm KPMG to make a recommendation.
To
optimise its business mix, the bank is focusing on management its non-performing
assets (NPAs), while augmenting its fee-based income and resource position by
concentrating on low cost current and savings accounts, and term deposits.  BOI
is looking at tripling its fee-based income via sales of third-party products.
Presently, te bank's fee-based income is about Rs50 crore.
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