Last month, Reliance Capital Limited officials were in talks with HDFC Bank Limited and the deal was almost sealed but at the last minute ADAG walked out. We are not sure why Reliance Capital walked out of the deal with HDFC Bank Limited but highly reliable sources within ADAG tell me that Reliance Retail Limited controlled by Mukesh Ambani also announced their plans to tie up with HDFC Bank for a credit card and retail consumer finance.
The Co-branded Reliance Credit Card will be issued by CitiBank and will be available in two categories – Silver and Gold. Initially they will be launched in Mumbai and Delhi and then expanded to various metros.
Reliance Credit Card is free for life and you can earn reward points on the same which can be sent to recharge your Reliance Mobile. More on this will come soon. Keep checking back.