Life Insurance Corporation (LIC) of India has shortlisted ICICI Bank, HDFC Bank, UTI Bank, Standard Chartered Bank and Visa as partners for its credit card venture.
Apart from the shortlisted banks, the corporation may also rope in one more partner, probably Corporation Bank, to ensure that the credit card company is not a subsidiary. LIC wants to call shots in the card company, but for regulatory reasons does not want the proposed venture to be a subsidiary.
After putting its plans on the back burner for a year, LIC started moving again in 2007. Last month it appointed a chief executive Hemant Bhargava for the credit card project. Mr Bhargav had earlier headed LIC’s microfinance and international businesses.
Read more in The Economic Times article.
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